US Power reflected on the global political economy Essay

Words: 1157
Pages: 5

Assignment #2

Yohanan Zemichael
PSCI 2602: A03
October 11, 2012

The framework of global political economy has evolved through a series of historical periods. For this paper, I will be comparing the overall structure and organization of the global political economy during the Bretton Woods period (1945-1975) and the Contemporary period (1975-2010). The main objective will be the United States’ projection of political power throughout these two historical periods. By comparing, the Bretton Woods period and the Contemporary period, it can be determined that the US projects its political power on the global political economy. Before understanding the role of the US in the global political economy
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Not only did the US project political power after the Second World War, but also in the mid and late 1990’s once the Cold War ended: it deemed for almost 30 percent of global economic output (O’Brien & Williams, 2013). However, there were still changes in the type of political power the US held from the Bretton Woods period to the Contemporary period. For instance, when the US entered a new economic cycle from 2000 to 2001, the American share of the world economy gradually decreased (Helleiner, 2010). Despite the drop of America’s economic output, it still continued to lead freedom, democracy, and market economy around the world; it ultimately still held the most powerful influence in political ideology, system, and values. Unfortunately, realists tend to overlook structural power; causing them to be constrained by the conventional belief that US political and economic power is in decline (Gill, 1986). Some theorists suggest that the United States have acquired ‘soft power’. Robert Koehane and Joseph Nye define soft power as “the ability to get desired outcomes because others want what you want. It is the ability to achieve goals through attraction rather than coercion” (2011). The US demonstrates soft power through the influence of their popular libertarians and egalitarian values, which are, in essence, influencing the global political economy. However, not all aspects of