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"Norrlof, Carla"
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America's global advantage : US hegemony and international cooperation
\"For over 60 years the U.S. has been the largest economy and most powerful country in the world. However, there is growing speculation that this era of hegemony is under threat as it faces huge trade deficits, a weaker currency, and stretched military resources. America's Global Advantage argues that, despite these difficulties, the U.S. will maintain its privileged position. In this original and important contribution to a central subject in International Relations, Carla Norrlof challenges the prevailing wisdom that other states benefit more from U.S. hegemony than the United States itself. By analysing America's structural advantages in trade, money, and security, and the ways in which these advantages reinforce one another, Norrlof shows how and why America benefits from being the dominant power in the world. Contrary to predictions of American decline, she argues that American hegemony will endure for the foreseeable future\"--Provided by publisher.
Book
Is US grand strategy self-defeating? Deep engagement, military spending and sovereign debt
Questions regarding the economic consequences of US grand strategy have gained new salience. This article provides an empirical test of the relationship between US military expenditures and public debt and clarifies the real constraints the US faces issuing debt. Neither results from the statistical analysis nor the economic theory of sovereign debt support the retrenchment position regarding the impact of military spending on public debt (1973–2015). Tax cuts are the most significant determinant of debt not military spending, social benefits or interest payments. Evaluating new hypotheses about alternative mechanisms through which military spending may damage the economy remains a priority.
Journal Article
Hegemony and inequality
A pivotal question raised in the 1980s debate over the durability of the United States-led world order still haunts us today. Does the postwar liberal international order, which the US was central in shaping, serve US interests? President Trump’s answer is a resounding no, promising an ambitious redistributive programme to rebalance global wealth and power. Similar to political platforms in other advanced countries, Trump argues for a fundamental revision of the order, proposing a renewal of international principles to foster a global system tailored to US interests. The major theatres where this battle is being fought are the politics of security, trade and money. Prominent academics align on some aspects of this agenda. Instead, I contend that as the primary beneficiary of the liberal international order, the US will be its first casualty. While President Trump is right to identify the potential role redistribution could play in strengthening America’s global leadership, he misidentifies the nature of the distribution problem. Internationally, ‘America First’ is premised on zero-sum logic and poses a risk to the liberal international order, to US security and prosperity. Domestically, ‘white America First’ promises to restore lost greatness to white Americans, aggravating economic and political inequality in the US. Drawing on presidential exit polls, other survey data, real income and income growth nationally and regionally, I explain the 2016 election outcome as a function of education and ethnicity, contextualized by income concerns and racism. Redistributive domestic policies, particularly expanding higher education, are necessary for US support of the liberal international order to endure.
Journal Article
America's Global Advantage
For over sixty years the United States has been the largest economy and most powerful country in the world. However, there is growing speculation that this era of hegemony is under threat as it faces huge trade deficits, a weaker currency, and stretched military resources. America's Global Advantage argues that, despite these difficulties, the US will maintain its privileged position. In this original and important contribution to a central subject in International Relations, Carla Norrlof challenges the prevailing wisdom that other states benefit more from US hegemony than the United States itself. By analysing America's structural advantages in trade, money, and security, and the ways in which these advantages reinforce one another, Norrlof shows how and why America benefits from being the dominant power in the world. Contrary to predictions of American decline, she argues that American hegemony will endure for the foreseeable future.
eBook
Dollar hegemony: A power analysis
The dollar has been the world's first currency since the end of World War II, possibly since the inter-war period, and is the leading currency today. A growing chorus of observers believes this dollar-centered order is coming to an end. While much commentary revolves around changes in the distribution of power, measures are only loosely related to the material basis for currency dominance. A proper understanding of the dollar's global role requires a quantitative assessment of the United States' monetary capabilities and currency influence relative to potential rivals. Moreover, while there is general recognition that a shift in power capabilities away from the United States to another actor in the international system is an insufficient, although necessary, condition for the prevailing currency hierarchy to reverse, there exists no systematic exploration of how power is exercised when converting monetary capabilities into currency influence. This paper offers a systematic assessment of the monetary capabilities and currency influence of all countries in the world as well as an analysis of how the three faces of power sustain dollar hegemony.
Journal Article
The international political economy of money, macro-money theories and methods
The 2008 financial crisis exposed the fragility of advanced economies to financial caprice and the centrality of the United States in the global monetary order. Understanding the power structures behind global monetary orders, their distributional effects, as well as the systemic consequences associated with practices within domestic financial systems, particularly within financial centres, remains a priority. In a recent commentary, Cohen argues that the field is fragmented and that excessive attention to social scientific method is to blame. I agree with Cohen that the field of international political economy (IPE) of money is fragmented but I disagree that social scientific method is the cause. The fragmentation, and slow progress in the IPE of money, to which Cohen refers, is rather attributable to a lack of social scientific method, resulting in conceptual and empirical ambiguity, and unclear standards. Finally, I outline how social science methods could produce the kind of systemic analysis Cohen is calling for, 'macro-money theories', the flip side of the 'micro-money theories' embodied by open economy politics.
Journal Article
Strategic Debt
Accumulating debt is usually harmful for states, but a cyclical deficit policy and large-scale borrowing have been beneficial for the United States. While structural changes in the international political economy may cap America's future ability to process debt, an empirical analysis of the economic dimensions of hegemony over the last quarter century shows unambiguously that the hegemon reaps disproportionate gains in the area of trade and investment. This finding provides new insight on whether it is advantageous to be a hegemon. Résumé. Les États pâtissent généralement de l'accumulation des dettes, mais une politique de déficit cyclique et le recours à de larges emprunts ont pourtant été bénéfiques aux États-Unis. La capacité future de la puissance américaine à gérer sa dette sera peut-être entamée par les changements structurels subis par l'économie politique mondiale. Toutefois, l'analyse empirique des dimensions économiques de la situation d'hégémonie durant les vingt-cinq dernières années met à jour, et sans ambiguïté aucune, les gains disproportionnés générés par l'hégémon dans les domaines du commerce et de l'investissement. Cette recherche apporte un éclairage nouveau au débat sur les avantages liés à la position d'hégémon.
Journal Article
Key Currency Competition: The Euro versus the Dollar
In this article, I investigate whether the euro is set to eclipse the dollar as the world currency. Although the euro has gained in importance at the expense of the dollar in all key currency functions, I argue that it is not about to replace the dollar as the unique currency of global importance. Notwithstanding America's current weakness, I argue that different preferences for monetary and fiscal policy inside the euro-zone, and the need to coordinate these, will make it difficult to accommodate and correct large-scale imports over the long term. I also find that taking on the role of the world's preferred import destination is bound to exacerbate internal differences and complicate decision-making.
Journal Article