Europe: On the Rise to Hegemony or Caught in Crisis?

Abstract

Today, as during the years shortly after the Second World War, it is commonly assumed that the global economic and political hegemony of the United States is destined to last forever. But history doesn't stand still. As other capitalist powers recouped their strength, they became active economic competitors and made inroads in the dominance of U.S. industry, trade, and finance. Moreover, the recovered war-torn powers eventually shattered a key factor of U.S. leadership, forcing the abandonment of the dollar-as-good-as-gold provision of the Bretton Woods agreement.

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