IDEAS home Printed from https://ideas.repec.org/a/wly/jintdv/v18y2006i1p69-85.html
   My bibliography  Save this article

Cracks in the US empire: unilateralism, the 'war on terror' and the developing world

Author

Listed:
  • James Putzel

    (Crisis States Research Centre and Development Studies Institute, London School of Economics and Political Science, London, UK)

Abstract

In this article the author analyses the rise of the unilateralist imperial project of the George W. Bush administration in the United States and its implications for the developing world. He explains the motivation behind the 'war on terror' and the invasion of Iraq. Contrary to prevailing views, the author suggests that US hegemony rests on a fragile economic base. The expanded European Union now represents an economy of the size of that of the US and it enjoys a healthy position in international trade, while the developing Asian region is also gaining ground. The US has been able to engage in deep deficit spending to finance its 'war on terror' due to the US dollar's position as the international currency of deposit. However the Euro is now challenging the pre-eminence of the dollar. These factors combine to form the objective basis for a challenge to US unilateralism, but Asia's development gap and political division in Europe mean that the only possible challenge in the short-term to the prevailing imperialist posture of the US must come from inside the superpower. Copyright © 2006 John Wiley & Sons, Ltd.

Suggested Citation

  • James Putzel, 2006. "Cracks in the US empire: unilateralism, the 'war on terror' and the developing world," Journal of International Development, John Wiley & Sons, Ltd., vol. 18(1), pages 69-85.
    • Handle: RePEc:wly:jintdv:v:18:y:2006:i:1:p:69-85
    DOI: 10.1002/jid.1263
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1002/jid.1263
    File Function: Link to full text; subscription required
    Download Restriction: no
    File URL: https://libkey.io/10.1002/jid.1263?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Putzel, James, 2004. "The 'new' imperialism and possibilities for coexistence," LSE Research Online Documents on Economics 842, London School of Economics and Political Science, LSE Library.
    2. Kenen, Peter B., 2002. "The euro versus the dollar: will there be a struggle for dominance?," Journal of Policy Modeling, Elsevier, vol. 24(4), pages 347-354, July.
    3. Bergsten, C. Fred, 2002. "The euro versus the dollar: will there be a struggle for dominance?," Journal of Policy Modeling, Elsevier, vol. 24(4), pages 307-314, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mr. Ewe-Ghee Lim, 2006. "The Euro’s Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and Other Data," IMF Working Papers 2006/153, International Monetary Fund.
    2. Eun, Cheol S. & Kim, Soo-Hyun & Lee, Kyuseok, 2015. "Currency competition between the dollar and euro: Evidence from exchange rate behaviors," Finance Research Letters, Elsevier, vol. 12(C), pages 100-108.
    3. Pompeo Della Posta, 2005. "Fundamentals, International Role of Euro and 'Framing' of Expectations: What are the Determinants of the Dollar/Euro Exchange Rate?," Working Papers de Economia (Economics Working Papers) 24, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
    4. Hermann Remsperger & Adalbert Winkler, 2009. "Welchen Einfluss hat der Wechselkurs auf die internationale Rolle von US‐Dollar und Euro?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 10(1), pages 21-38, February.
    5. Soo-Hyun Kim & Kyuseok Lee, 2016. "The Influences of Major Currencies in Foreign Exchange Markets: A Regression-Based Measure and Its Application," International Review of Finance, International Review of Finance Ltd., vol. 16(2), pages 277-289, June.
    6. Helmut Frisch, 2003. "The euro and its consequences: What makes a currency strong?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 31(1), pages 15-31, March.
    7. Lars Jonung & Eoin Drea, 2010. "It Can't Happen, It's a Bad Idea, It Won't Last: U.S. Economists on the EMU and the Euro, 1989–2002," Econ Journal Watch, Econ Journal Watch, vol. 7(1), pages 1-4–52, January.
    8. Shams, Rasul, 2005. "Dollar-Euro Exchange Rate 1999-2004: Dollar and Euro as International Currencies," HWWA Discussion Papers 321, Hamburg Institute of International Economics (HWWA).
    9. Shams, Rasul, 2005. "Dollar-Euro Exchange Rate 1999-2004 - Dollar and Euro as International Currencies," Discussion Paper Series 26228, Hamburg Institute of International Economics.
    10. Hyoung-kyu Chey & Yu Wai Vic Li, 2016. "Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence, and Internationalization," GRIPS Discussion Papers 15-23, National Graduate Institute for Policy Studies.
    11. Hyoung-kyu Chey, 2013. "The Concepts, Consequences, and Determinants of Currency Internationalization," GRIPS Discussion Papers 13-03, National Graduate Institute for Policy Studies.
    12. Sheng, Andrew & Kwek, Kian-Teng & Cho, Cho-Wai, 2009. "A tale of Asian exchange rate management: Romance of the three currencies," Journal of Asian Economics, Elsevier, vol. 20(5), pages 519-535, September.
    13. Yiping Huang & Daili Wang & Gang Fan, 2014. "Paths to a Reserve Currency : Internationalization of the Renminbi and Its Implications," Macroeconomics Working Papers 24165, East Asian Bureau of Economic Research.
    14. Riccardo Fiorentini & Guido Montani, 2012. "The New Global Political Economy," Books, Edward Elgar Publishing, number 14443.
    15. repec:bla:jcmkts:v:41:y:2003:i::p:575-595 is not listed on IDEAS
    16. Idil Goksel, 2004. "Does The Euro Have A Chance to Challenge The Dollar," Working Papers 0401, Izmir University of Economics.
    17. Ainur Sabyr & Behrooz Gharleghi & Benjamin Chan Yin Fah, 2015. "Factors Determining the Globalization of Renminbi," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 5(3), pages 11-18, March.
    18. McKinnon, Ronald, 2002. "The euro versus the dollar: resolving a historical puzzle," Journal of Policy Modeling, Elsevier, vol. 24(4), pages 355-359, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:jintdv:v:18:y:2006:i:1:p:69-85. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www3.interscience.wiley.com/journal/5102/home .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.