American hegemony in the global economic system Essay

American hegemony in the orbicular economic system - Essay pillow slipBy the start of 1970s, currents of miscellany were detected in the global economic order, with nationalism and protectionism being replaced by neo-liberalism and free flow of capital. Even as American elites promoted this new economic order, the process was facilitated by individual participant elites from nations across the creation. The irony lies in the fact that communist China was at the forefront of the global neo-liberal program, despite claiming its socialist credentials. If the ideological gates of the authoritarian and highly protectionist China could be broken discourteous for free-market capitalism, then it was only a matter of time and strategy before other power bastions of the world are broken through. And this is precisely what had happened. With the collapse of the Soviet Union in the late 1980s and the case in policy framework of several developing countries, the nature and complexion of ge o-economics has taken a assorted form. Needless to say, Americas position as the sole superpower has been strengthened by this change. The unsavory aspects of this sweeping change include the appearance of a nearly feral form of entrepreneurship in which black marketers, drug barons, weapons system merchants, rackets bosses, Mafiosi, and other profiteers are emerging as the economic and political leaders of the social transformations underway in their respective societies. (Buchanan, 2000, p.1) Before embarking on answering the essay question, understanding what neo-liberal globalization truly entails.