Hegemony

Still an Extraordinary Power After All These Years: The US and the Global Financial Crisis of 2008

Helleiner, Eric. In Susan Strange and the Future of Global Political Economy: Power, Control and Transformation, edited by Randall Germain, 111-126. London: Routledge, 2016.

This chapter explores Strange's analysis of the centrality of dominant knowledge and financial structures in the constitution of the contours of the global political economy and of financial capitalism. It draws upon critical political economy, focusing on the how of power and its mobilization through dominant knowledge and financial structures to establish central bank independence and financial liberalization as grundnorms of the global financial system. In seeking to develop a sociological understanding of the construction of dominant power structures, the chapter draws upon critical political economy traditions inspired by the works of Michel Foucault and Antonio Gramsci. Strange identified the central problematique as a problem of governance and the absence of the leadership required to address the economic malaise of the 1980s. This chapter examines Strange's analysis of problems in global financial leadership and it reveals her significant contribution to the understanding of the material dimensions of financial governance.

Keywords: Hegemony; Money and Finance; Structural Power, Power; General Framework

Contributor(s): Eric Helleiner and Editor: Randall Germain
Keywords: Hegemony, Money and Finance, Structural Power, Power, Strange-Influenced Works, 2010's
Source and Medium: Book Chapter

Year of Publication: 2016

Strange Power Over Credit; or the Enduring Strength of US Structural-Power

Schwartz, Herman Mark. In Susan Strange and the Future of Global Political Economy: Power, Control and Transformation, edited by Randall Germain, 87-110. London: Routledge, 2016.

This chapter provides some retrospective comments on what Strange says on the nexus of money and power; and second, in the light of what she had to say, to assess her vision of where the monetary system is heading. Strange was certainly right that the dynamics of power and governance in global finance today are changing. A leaderless diffusion of power is generating greater uncertainty about the underlying rules of the game. The linkage between money and power was one of the most enduring themes in Strange's work. The US political scientists, Peter Bachrach and Morton Baratz, had pointed out that the direct action represented just one face of power, and perhaps not even the most important. The causal mechanism works along the lines of the sequential Stackelberg leadership model of game theory. The United States acts unilaterally, as it typically does, exploiting what is often described as its exorbitant privilege.

Keywords: Money and Finance; Hegemony; Structural Power, Power; General Framework

Contributor(s): Herman Mark Schwartz and Editor: Randall Germain
Keywords: Money and Finance, Hegemony, Structural Power, Power, Strange-Influenced Works, 2010's
Source and Medium: Book Chapter

Year of Publication: 2016

The Political Economy of Global Transformation: Susan Strange, E.H. Carr and the Dynamics of Structural Change

Germain, Randall. In Susan Strange and the Future of Global Political Economy: Power, Control and Transformation, edited by Randall Germain, 183-200. London: Routledge 2016.

Do international relations precede or follow (logically) fundamental social relations? There can be no doubt that they follow. Any organic innovation in the social structure, through its technical–military expressions, modifies organically absolute and relative relations in the international field too.

Keywords: Hegemony; Authority; Markets; Structural Power, Power

Contributor(s): Randall Germain and Editor: Randall Germain
Keywords: Hegemony, Authority, Markets, Structural Power, Power, Strange-Influenced Works, 2010's
Source and Medium: Book Chapter

Year of Publication: 2016

1995 Presidential Address: ISA as a Microcosm

Strange, Susan. International Studies Quarterly 39, no. 3 (1995): 289-295.

After briefly discussing the history of the ISA, Strange points out that it is the International Studies Association, despite the current domination of International Relations. Once again Strange argues for the constructive engagement with other discipline interested in the international system, from political geographers to business economists. Strange points to the relative decline of state-state violence relative to civil and local violence, the increasing interest in the environment, and the dangers stemming from the financial markets, as reasons for widening the ISA's implicit agenda. Stressing that in the post-Cold War world there is only one superpower, Strange argues that for millions America is a common second-country. This is a very powerful position to be in, but it also requires the US. to remain part of the world system - not to flee into isolationism. The ISA as an embryonic epistemic community can do a lot to ensure this does not happen.

Keywords: Global Governance; Hegemony; Theory

Contributor(s): Susan Strange
Keywords: Global Governance, Hegemony, Theory, 1990's
Source and Medium: Journal Article

Year of Publication: 1995

Finance and Capitalism: The City's Imperial Role Yesterday and Today

Strange, Susan. Review of International Studies 20, no. 4 (1994): 407-410.

In this short review of P.J. Cain and A.G. Hopkins British Imperialism (2 vols) (London: Longman 1993), Strange again emphasises the structural characteristics of US power in the global system and suggest that Britain's structural power was more long lasting than is sometimes presumed, with clear implications for the continuing power of the US in the global economy.

Keywords: Hegemony; Money and Finance; Structural Power, Power; United Kingdom

Contributor(s): Susan Strange
Keywords: Hegemony, Money and Finance, Structural Power, Power, United Kingdom, 1990's
Source and Medium: Journal Article

Year of Publication: 1994

The 'Fall' of the United States: Peace, Stability, and Legitimacy

Strange, Susan. In The Fall of Great Powers: Peace, Stability and Legitimacy, edited by Geir Lundestad, 197-211. Oslo and Oxford: Scandinavian University Press and Oxford University Press, 1994.

Once again Strange argues at length that the notion of American decline in the global system is mistaken if examined through her structural perspective. She presents a brief history of the previous fifty years to explore how America's 'fall' can be proposed and why this misunderstands power in the global system. She uses this insight to argue for an International Political Economy approach to the problem of American hegemony, but she also warns that technological changes feeding into structural changes may make drawing lessons from the decline of previous hegemons difficult if not impossible. She concludes that while structural change may offer the best chance for a more just and peaceful system, it may also open up the possibility of extensive disorder and insecurity in the future, leading to problems of legitimate rule and authority.

Keywords: Hegemony; Structural Power, Power; United States

Contributor(s): Susan Strange and Editor: Geir Lundestad
Keywords: Hegemony, Structural Power, Power, United States, 1990's
Source and Medium: Book Chapter

Year of Publication: 1994

The Structure of Finance in the World System

Strange, Susan. In Global Transformation: Challenges to the State System, edited by Yoshikazu Sakamoto, 228-249. Tokyo: United Nations University Press, 1994.

Strange again stresses, as she has done before, that the crucial element of the financial structure is the ability to create credit. This is only one side of the financial structure, however - the other side is the institutional regulation of exchange rates between currencies. Much of the work on the international financial has been compromised by its emphasis on the state due to the fore grounding of the exchange rate part of the structure. Strange then suggests and describes five key changes in the structure: its growth in size; new technologies; the penetration of national financial systems by global financial capital; the increasing competition and declining regulation in credit provision; and the relation between supply and demand. Using a global monetarist perspective Strange sees global inflation linked with the oversupply of credit by banks, stemming from the previous four changes. However, American power in the financial structure still remains, measured by their ability to act unilaterally in the field of global finance. Reprinted in: Authority and Markets: Susan Strange’s Writings on International Political Economy, edited by Roger Tooze and Christopher May. Basingstoke: Palgrave Macmillan, 2002.

Keywords: Hegemony; Money and Finance; Structural Power, Power

Contributor(s): Susan Strange and Editor: Yoshikazu Sakamoto
Keywords: Hegemony, Money and Finance, Structural Power, Power, 1990's
Source and Medium: Book Chapter

Year of Publication: 1994

Who Governs? Networks of Power in World Society

Strange, Susan. Hitotsubashi Journal of Law and Politics Special Issue (1994): 5-17.

Starting from Strange's response to Waltz's (in)famous London School of Economic lecture (see Millennium 22/2 - Summer 1993) in this article she first argues for a wider reading of politics – not just what states do. She then briefly summarises her arguments regarding structural power before discussing the roles states have historically played as producers of security, credit, market relations and environment. The power over finance and environment has moved to centre stage, but states have been losing relative power over these areas. But this is not to agree with the America-in-decline writers. Rather Strange argues that the US. retains structural power, which the non-US Group of Seven states, through joint action need to encourage Americans to recognise. This will enable the US. to once again act as hegemon for the general good. America's ability to supply market public goods needs to be matched by its will to do so, through diplomatic pressure. This is one of the few pieces where Strange makes her underlying prescriptive stance on the need for American leadership completely explicit. Reprinted in: Authority and Markets: Susan Strange’s Writings on International Political Economy, edited by Roger Tooze and Christopher May. Basingstoke: Palgrave Macmillan, 2002.

Keywords: Hegemony; States; Structural Power, Power; Theory; United States

Contributor(s): Susan Strange
Keywords: Hegemony, States, Structural Power, Power, Theory, United States, 1990's
Source and Medium: Journal Article

Year of Publication: 1994

The Transformation of the World Economy

Strange, Susan. In Mapping the Unknown: Towards a New World Order (Yearbook of the Swedish Institute for International Affairs 1992-1993), edited by Lidija Babic, Bo Huldt, 43-49. London: Hurst and Co., 1993.

In this short article Strange reviews many of the same arguments that have been featured above. However, here she argues that the transformation of the world economy is not so much the product of state/firm interactions, rather it is firms that are playing (and will continue to play) the more important role in structural change. This finally represents a complete reversal of the position of 'Follow-up commentary On Money and World Politics' (1984). Strange also argues that the supposed problems of the emergence of trading blocs (the three main blocs being centred on the US, Japan and Europe - the triad) are not crucial to the stability of the global economy, as she had implicitly argued in her discussions of protectionism. The problems and structural transformation of the global economy are rooted in the financial structure, and it is here that the US needs to assert its leadership for the future good of the international system.

Keywords: Corporations; Global Governance; Hegemony; Structural Power, Power; Theory; Transnational Corporations; Global System

Contributor(s): Susan Strange, Editor: Lidija Babic and Editor: Bo Huldt
Keywords: Corporations, Global Governance, Hegemony, Structural Power, Power, Theory, 1990's
Source and Medium: Book Chapter

Year of Publication: 1993

The Persistence of Problems in EC-US Relations: Conflicts of Perception?

Strange, Susan. In The External Relations of the European Community, in Particular EC-US Relations, edited by Jürgen Schwarze, 109-118. Baden-Baden: Nomos Verlasgesellschaft, 1989.

Strange suggests that the two primary activities of any political organisation are the furtherance of security and the control of money, and it is these issues that remain at the centre of the problem of US-Europe relations. Here Strange again challenges the assumption of a loss of American hegemony (and therefore power) in the global system. This leads her to emphasise the need for both political will by the system's strongest state as well as international and multilateral efforts to attend to the problems of the global system, for it is different perception on either side of the Atlantic of America's potential to act which are causing continued friction. While the Europeans see an America unwilling to act, the US Government claims it cannot act.

Keywords: Europe; Hegemony; Money and Finance; Security; United States

Contributor(s): Susan Strange and Editor: Jürgen Schwarze
Keywords: Europe, Hegemony, Money and Finance, Security, United States, 1980's
Source and Medium: Book Chapter

Year of Publication: 1989

Towards a Theory of Transnational Empire

Strange, Susan. In Global Changes and Theoretical Challenges: Approaches to World Politics for the 1990s, edited by Ernst-Otto Czempiel and James N. Roseneau, 161-176. Lexington: Lexington Books, 1989.

In this article Strange offers only her second explicit excursion into the epistemology of international theories, the first being a similar section in States and Markets (1988). She argues that theories must be more than description, taxonomy, importation of models from other disciplines or quantitative and that theories must explain some aspect of the international system not obvious to 'commonsense'. In addition she argues for her own version of non-positivism stressing only that rationality of explanation is required for a theory to be scientific. In the second part of this article Strange argues for a non-territorial theory of imperialism based on her four structures of power. The transnational empire she identifies is centred on the 'court' in Washington DC, and she argues that new studies of empire are needed to understand this new type of transnational empire. What is required is a problem solving theory for such an empire, since it is manifestly in existence. Reprinted in: Political Regulation in the 'Great Crisis', edited by Werner Väth. 25-42. Berlin: Edition Sigma, 1989; and in Authority and Markets: Susan Strange’s Writings on International Political Economy, edited by Roger Tooze and Christopher May. Basingstoke: Palgrave Macmillan, 2002.

Keywords: Hegemony; Political Economy; Theory

Contributor(s): Susan Strange, Editor: Ernst-Otto Czempiel and Editor: James N. Roseneau
Keywords: Hegemony, Political Economy, Theory, 1980's
Source and Medium: Book Chapter

Year of Publication: 1989

Defending Benign Mercantilism

Strange, Susan. Journal of Peace Research 25, no. 3 (1988): 273-277.

In this review of Robert Gilpin's Political Economy of International Relations, Strange again argues against 'Hegemonic Stability Theory', see 'The persistent myth of lost hegemony' (1987), but has started to develop a theory of transnational empire to explain the structural power of the United States. Part of this argument is the increasing non-territoriality of structural power, which is developed in a number of works below.

Keywords: Hegemony; Structural Power, Power; Theory; Trade

Contributor(s): Susan Strange
Keywords: Hegemony, Structural Power, Power, Theory, Trade, 1980's
Source and Medium: Journal Article

Year of Publication: 1988

The Future of the American Empire

Strange, Susan. Journal of International Affairs 42, no. 1 (1988): 1-17.

Strange argues that increasingly power in the international political economy is not territorially defined, and what has emerged is an empire that is not territorially based, and secondly is controlled by information-rich US corporations. However while she call this the 'American Empire' her argument is (self-avowedly) close to an international Gramscian 'historical bloc' analysis. Thus the controlling bureaucracy of this empire while based on American values and culture is not necessarily staffed by Americans. This argument is carried further in 'Towards a Theory of Transnational Empire' (1989).

Keywords: Hegemony; Knowledge; Structural Power, Power; Knowledge Production; Transnational Corporations

Contributor(s): Susan Strange
Keywords: Hegemony, Knowledge, Structural Power, Power, 1980's
Source and Medium: Journal Article

Year of Publication: 1988

The Persistent Myth of Lost Hegemony: Reply to Milner and Snyder 'Lost Hegemony?'

Strange, Susan. International Organisation 42, no. 4 (1988): 751-752.

In reference to (1987) there was a brief methodological exchange in the pages of International Organisation which while essentially inconclusive, offered a brief clue to Strange's attitude to empirical evidence. Though she originally cited empirical data, in response to the criticism from Milner and Snyder that this evidence left her arguments unproved, Strange answered that the real evidence to prove her argument empirically would be too difficult to collect, though in theory it could be possible to compile. What seems clear from this exchange, is that Strange is not dealing with 'evidence' in its strict form and has a permissive view towards its acceptability.

Keywords: Hegemony; Structural Power, Power; Theory

Contributor(s): Susan Strange
Keywords: Hegemony, Structural Power, Power, Theory, 1980's
Source and Medium: Journal Article

Year of Publication: 1988

The Persistent Myth of Lost Hegemony

Strange, Susan. International Organisation 41, no. 4 (1987): 551-574.

Strange's classic attack of the 'declinist school' in international relations. Once she has discussed the more 'sociological' reasons for American academics holding this view (of which the most powerful/cynical is that it is essentially a convenient denial of responsibility by Americans for their effect on the international system), Strange goes on to elaborate the four structures of power in IPE. This exposition closely parallels (though in a brief form) the arguments that appear in States and Markets (1988). Strange again identifies the American domestic political process (and constitutional structure) as being the root of many of international problems. Strange suggests that the domestic and international cannot be separated analytically, and her structural analysis of power explains the effects of American domestic politics on the international political economy. An earlier version was given in a conference paper presented to the 30th Annual Conference of the Japan Association of International Relations in Tokyo, October 1986. Reprinted in: Authority and Markets: Susan Strange’s Writings on International Political Economy. Roger Tooze and Christopher May, editors. Basingstoke: Palgrave Macmillan, 2002.

Keywords: Foundational Work; Hegemony; Structural Power, Power; Theory

Contributor(s): Susan Strange
Keywords: Foundational Work, Hegemony, Structural Power, Power, Theory, 1980's
Source and Medium: Journal Article

Year of Publication: 1987

Politics, Trade and Money

Strange, Susan. In Europe, America and the World Economy, edited by Loukas Tsoukalis, 243-255. Oxford: Basil Blackwell for the College of Europe, 1986.

Strange identifies two main obstructions to a constructive dialogue between the United States and Europe over international trade: America's lack of interest in maintaining a steady provision of credit to the interdependent international system; and Europe's inability to take responsibility for its own defence and security, and therefore reducing its dependence on America. This leads Strange to conclude that the U.S. has abused rather than lost its power in the international economy, refusing to allow the separation the international risks from domestic bank activities in developing countries, taking no notice of the Brandt's commissions call for a independent multilateral financial institution, and not taking the role of international lender of last resort. This refusal led to the upheavals which the system was then experiencing. Underlying these problems is the lack of political will on behalf of the United States government to act as a responsible hegemon. Thus the problem is not declining US power, but rather the lack of a counter-balance from Europe, a theme she first explored at length in 'Cuba and After' (1963) and to which she would return to in 'The persistence of problems in EC-US relations: conflicts of perception?' (1989) and elsewhere.

Keywords: Money and Finance; Hegemony; Europe; United States

Contributor(s): Susan Strange and Editor: Loukas Tsoukalis
Keywords: Money and Finance, Hegemony, Europe, United States, 1980's
Source and Medium: Book Chapter

Year of Publication: 1986

Reaganomics, the Third World and the Future

Strange, Susan. In Third World Affairs 1986, edited by Raana Gauhar, 65-72. London: Third World Foundation for Social and Economic Studies, 1986.

Strange starts this chapter with the suggestion that like Mark Twain reports of the demise of American hegemony are premature. She then presents a short history of U.S. economic policy towards the Third World and the global system as a whole. This allows her to emphasise the structural power approach that she would develop at some length in States and Markets (1988) and argue that while many on the left see America's influence as entirely malign, she sees good and bad in its domination of the international system. She concludes the main problem is uncertainty regarding U.S. policy, which while leading to rational responses (risk-avoiding devices, such as hedging) in the financial structure. However, these responses also bring with them a shadow (speculation, gambling and both political and economic recklessness) which produces further financial instability for the system and most particularly Third World countries.

Keywords: Hegemony; Money and Finance; Structural Power, Power

Contributor(s): Susan Strange and Editor: Raana Gauhar
Keywords: Hegemony, Money and Finance, Structural Power, Power, 1980's
Source and Medium: Book Chapter

Year of Publication: 1986

The Bondage of Liberal Economics

Strange, Susan. SAIS Review 6, no. 1 (1986): 25-38.

Here Strange returns again to the inadequacy of economics in its analysis of international trade, made in 'International Trade' (1955) and 'International money matters' (1970), and elsewhere. Noting the contradictions between economic models of international trade and what was actually happening in the international economy, Strange argues economists have failed to appreciate that trade is only a secondary international structure. This leads her to briefly lay out the argument that would be developed at more length in States and Markets (1988). Most importantly she firmly concludes that international economics is an ideological construction which serves the interests of the powerful states, most significantly the United States.

Keywords: Economics; Hegemony; Theory; Trade; General Framework

Contributor(s): Susan Strange
Keywords: Economics, Hegemony, Theory, Trade, 1980's
Source and Medium: Journal Article

Year of Publication: 1986

On Money and World Politics

Strange, Susan, D.P. Calleo. In Paths to International Political Economy, edited by Susan Strange. London: Allen and Unwin, 1984.

Strange discusses 'Money and World Politics' criticising economists for supposing questions of values and power are questions of market 'imperfections' and not of central importance. The article then goes on to consider the balance of payments problem and how suggestions for addressing this 'problem' reveal theoretical standpoints. They also note the disruptive influence/effect of American policies on the financial structure. The article concludes with a plea for a return to more 'objective' analysis of global problems, not driven by government set academic objectives.

Keywords: Hegemony; Money and Finance; Theory

Contributor(s): Susan Strange, D.P. Calleo and Editor: Susan Strange
Keywords: Hegemony, Money and Finance, Theory, 1980's
Source and Medium: Book Chapter

Year of Publication: 1984

Review of: C.F Bergsten The World Economic in the 1980s - Selected Papers (Toronto: D.C Heath, 1981)

Strange, Susan. International Journal 38, no. 2 (1983): 355-356.

Strange criticises Bergsten’s exaggeration of US decline in hegemonic power and absolution of the USA of bearing prime responsibility for the deteriorating economic situation. Indeed much of her work in the 1980s revolved round the dual need to recognise US responsibility for global economic crises, and the problem of such a responsibility being denied by the US (both policy makers and academics). Reprinted in: Authority and Markets: Susan Strange’s Writings on International Political Economy (edited by Roger Tooze & Christopher May) Basingstoke: PalgraveMacmillan 2002.

Key Terms: Hegemony

Contributor(s): Susan Strange
Keywords: Hegemony, 1980's
Source and Medium: Journal Article

Year of Publication: 1983

The Credit Crisis: A European View

Strange, Susan. SAIS Review 3, no. 2 (1983): 171-181.

Strange here uses the term crisis, but notes that the implication that some sort of solution is imminent is less than certain. She suggests that the world economic crisis has three interrelated aspects: unemployment, ‘flagging trade’, and unstable money. As in ‘The Management of Surplus Capacity: Or how does theory stand up to protectionism 1970s style?’ (1979) she shows some scepticism to the arguments that demonise protectionism, and suggests this is an essentially ideological position that would not repay global implementation. After briefly rehearsing the global financial history of the previous decade, Strange suggests that financial regulation which in the last analysis is dependent on certain sovereign states, can never be disinterested. As she would argue in more extended analyses later, she sees the role of the American financial system as destabilising because of the priority it gives to the interests of the domestic political system. Indeed until the United States is willing to ‘lead’ the global system, instead of working in its own interest, those interests will be compromised. Strange, as she would do often in future works, suggests a pragmatic acceptance of American reach over the global system, and suggests a sort of civilising mission to educate them into responsible leadership.

Keywords: Europe; Hegemony; Money and Finance; United States

Contributor(s): Susan Strange
Keywords: Europe, Hegemony, United Staes, Money and Finance, 1980's
Source and Medium: Jounral Article

Year of Publication: 1983

Europe and the United States: The Transatlantic Aspects of Inflation

Strange, Susan. In The Politics of Inflation: A Comparative Analysis, edited by Richard Medley, 65-76. New York: Pergamon Press, 1982.

This short article discusses the international financial sector and the interaction between American monetary policy and European exchange rates, monetary policy and the then new European Monetary System. While containing little explication of structural power, being more of an historical overview, the article is of interest for Strange's concluding discussion of the reasons for American domination of the international financial structure. From these empirical reasons, there is a hint of the structural analysis that was implicitly being developed, not least of all because much of the evidence she cites re-emerges in later works regarding American economic hegemony.

Keywords: Hegemony; Money and Finance; Structural Power, Power

Contributor(s): Susan Strange and Editor: Richard Medley
Keywords: Hegemony, Money and Finance, Structural Power, Power, 1980's
Source and Medium: Book Chapter

Year of Publication: 1982

Still an Extraordinary Power: America's Role in the Global Monetary System (Paper 3) (with discussants section)

Strange, Susan. In The Political Economy of Interdependence and Domestic Monetary Relations, edited by Raymond E. Lomra and Willard E. Witte, 73-93. Ames: Iowa State University Press, 1982.

A paper delivered to a conference on international monetary relations. As well as considering power in the financial markets, Strange also makes a provisional (in light of her later work) analysis of structural power in the international political economy more generally. This analysis therefore widens out from an initial discussion of power in a specific sector (here the financial system) to examine the power of the U.S. more generally. While this includes elements of the later four dimensions - the idea of the authority/market balance and the security structure - her arguments here are not fully developed, as is evident from the rather heated discussion between her and the discussants (Robert Z. Alibar and Robert Solomon) that is reproduced following the main paper. A central part of the dispute is her refusal to separate out politics and economics, and define power in a narrow way, leading to veiled accusations of a lack of rigour, a not unfamiliar criticism.

Keywords: Authority; Hegemony; Structural Power, Power; Markets; Money and Finance; Political Economy

Contributor(s): Susan Strange, Editor: Raymond E. Lombra and Editor: Willard E. Witte
Keywords: Authority, Hegemony, Structural Power, Power, Markets, Money and Finance, 1980's
Source and Medium: Book Chapter

Year of Publication: 1982

Interdependence in the International Monetary System

Strange, Susan. In The Euro-American System: Economic and Political Relations Between North America and Western Europe, edited by Ernst-Otto Czempiel and Dankwar A. Rustow, 31-49. Frankfurt: Westview Press, 1976.

Strange briefly outlines the character of the international monetary system, noting that while it has become at least partially transnational, posited solutions are still conceived at a national level. This leads her to argue that there needs to be a better attempt made to fit the response to crisis to the level at which it is manifest. Having suggested that the central country in the monetary system (the U.S.) could either try to co-ordinate activities, or by its very dominance alleviate the crisis by putting its own house in order, she suggests the best (though least likely) solution would be some form of global central bank. This leads her to conclude by stressing the political issues at the centre of the international financial system and the need to included justice as well as order or security in the academic assessment of the crisis.

Keywords: Hegemony; Money and Finance

Contributor(s): Susan Strange, Editor: Ernst-Otto Czempiel and Editor: Dankwart A. Rustow
Keywords: Hegemony, Money and Finance, 1970's
Source and Medium: Book Chapter

Year of Publication: 1976

International Monetary Relations

Strange, Susan. In International Economic Relations in the Western World 1959-71, edited by Andrew Shonfield, 18-25. London: Oxford University Press, 1976.

While much more than an expanded and internationalised version of Sterling and British Policy (1971), this work covers much of the same period and material. Strange spends little time here developing further her theories and refers the reader to 'International Economic Relations I: The Need for an Interdisciplinary Approach' (1972) for her thoughts regarding the discipline of international studies. After an extended narrative of international monetary relations for the period, she concludes that the increasing politicisation of the international monetary system, indicates that there is an emerging international political economy, interdependent though dominated by the United States, where bargains between actors are struck through the operation of both political and economic power. However what later would be ‘structural power’ is not theorised at this stage, although the central role of ‘bargains’ emerges as a subject of concern.

Keywords: Hegemony; Money and Finance; Interdependence

Contributor(s): Susan Strange and Editor: Andrew Shonfield
Keywords: Hegemony, Money and Finance, 1970's
Source and Medium: Book Chapter

Year of Publication: 1976