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Unformatted text preview: than economic or political interests. This important article offers a persuasive explanation of how and why the market principle gained dominance within the international economy during the 19 th century. From Milner: Milner, Helen V. 1998. International Political Economy: Beyond Hegemonic Stability. Foreign Policy. 110: 112-123. Hegemonic Stability Theory: first espoused by Charles Kindleberger in the 1970s, focuses on the role of leading states-for example Great Britain in the 19 th and the US in the 20 th centuries-and on how changes in the distribution of capabilities affect the world economy. 113 If Adam Smith is correct, and free and open trade with no govt intervention is correct, why would hegemony be needed for global economic stability? Shouldnt all trade and monetary systems be subjected to the whims of the market? Would hegemony be a damper on free trade and floating monetary systems?...
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- Spring '11
- Political Economy