The global financial crisis of 2007 2008 was both an economic
catastrophe and a watershed event in world politics. In American
Power after the Financial Crisis, Jonathan Kirshner explains how
the crisis altered the international balance of power, affecting
the patterns and pulse of world politics. The crisis, Kirshner
argues, brought about an end to what he identifies as the "second
postwar American order" because it undermined the legitimacy of the
economic ideas that underpinned that order especially those that
encouraged and even insisted upon uninhibited financial
deregulation. The crisis also accelerated two existing trends: the
relative erosion of the power and political influence of the United
States and the increased political influence of other states, most
notably, but not exclusively, China.
Looking ahead, Kirshner anticipates a New Heterogeneity in
thinking about how best to manage domestic and international money
and finance. These divergences such as varying assessments of and
reactions to newly visible vulnerabilities in the American economy
and changing attitudes about the long-term appeal of the dollar
will offer a bold challenge to the United States and its
essentially unchanged disposition toward financial policy and
regulation. This New Heterogeneity will contribute to greater
discord among nations about how best to manage the global economy.
A provocative look at how the 2007 2008 economic collapse
diminished U.S. dominance in world politics, American Power after
the Financial Crisis suggests that the most significant and lasting
impact of the crisis and the Great Recession will be the inability
of the United States to enforce its political and economic
priorities on an increasingly recalcitrant world."
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