The decline of American hegemony, financial paralysis and the ascent of China: the political economy of the present economic debacle

Explores the structural dimensions of the global financial collapse in terms of what triggered the disproportionate expansion of the US financial architecture. Discussion opens with a look at the Marxian theory of crisis & the hegemonic stability theory. The rise & decline of US hegemony is used as a case study to demonstrate these theories, linking the flagging credibility of the US dollar, the rise of China, & the current economic crisis. D. Edelman