Hegemonic Instability and East Asia: Contradictions, Crises and US Power

One of the most influential theories in international political economy is that hegemonic power generally and the actions of the US in particular have been essential forces for stability in the international system. Yet even before the current financial crisis that has its origins in the US there were grounds for questioning this claim. Now the argument looks increasingly implausible. The essence of our argument in this article is that the US's historical record suggests that it has often been a force for global instability, as it has opportunistically sought to shift the burden of economic adjustment onto others. We develop this argument by looking at US foreign policy toward East Asia in particular, which has been deeply affected by the actions of successive America administrations, and also examine the implications of recent efforts by states to manage hegemonic instability through an expanded role for the Group of Twenty (G-20).