Blog Post 3

 Due 10/27

Throughout class in regards to the global economy we talked about the use of the United States dollar and the relation to the IMF. The United States has been the top dog really since the end of World War II. The IMF, while headed by a European leader, is still at the hands of Washington due to the unique veto power held by America. This brings into connection the claims of structural vs relational power. The US has tremendous power through legal channels and with the expansion of the global economy stretching far and wide. It is silly to think that in some way or another the United States does not have their hand on an issue in the 21st century. 

Susan Strange references the way that Japan is related to global finance by acting as the largest donor/lender but the problem is that most of the money is funneled to the United States. I think that this scenario is reflective of a larger problem. If the money that the United States takes from their allies were to be partnered with the IMF surveillance and economic monitoring, the global economy would increase at a much faster rate than it does with the American dominant approach. It is time to branch out into the ever developing and promising markets of countries like Nigeria. Nigeria is a country that is on pace to become the largest economy in Africa in the coming years and to surpass the US in population by 2050. The issue lies in the rampant corruption at all levels of government. Billions of dollars have gone missing without a trace.  States that follow a similar pattern are ripe for IMF intervention to correct and propel them from a developing nation to a developed nation. 

Connecting the IMF and monetary spending back to the earlier discussions we had at the beginning of the year in relation to a Eurocentric and Western focus in international relations, the far East is rapidly catching up. For decades the US has had such a strong grasp on global affairs because of their economic prowess. The soft power held through our traditions and pop culture has played a large role in creating an “invisible hand” that keeps US dominance alive. China has begun to counter with their own belt and road initiative to have influence all around the world. While a cold war might not be here at the moment, if things continue on their current trajectory one could be on the horizon. The US, and the World Agencies they have large amounts of power in should look to build up allies with strong economies that benefit everyone.


Comments

  1. pols170 claire doyle blogOctober 29, 2021 at 12:29 PM

    This is an interesting topic to think about. I agree with your point that the United States held such a strong grasp on political global affairs because of how impactful the US's economic standing was.

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  2. Keri GilliganNovember 12, 2021 at 3:29 PM

    Henry you bring up a lot of great points in this blog post that connect to content I learning about outside of this course. I definitely agree that there are flaws within the global economy dominated by the United States since it's very much at the expense of other states. Additionally, I am curious to see what the results of the Belt and Road initiative will be since this project will span across the entire world. I think it's going to put lots of pressure on the United States, but it may also provide an unforeseen opportunity for the states to work together to meet global goals, climate change for instance.

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