Ultimately, a hegemon does not only manipulate the global economic order to benefit itself but also for the benefit of other participating states. Without a forced steering global economic order that ensures the smooth flow of free trade and globalization, an open world economy will be difficult to sustain as most states will most probably adopt selfish, protectionist policies (Jackson & Sørensen 2007 196). There is, therefore, a distinction between an empire and imperialism on the one hand, and a hegemon and hegemony on the other. While the former evokes sheer military and political power, the old face of world dominance founded on coercion, the latter suggests global political ascendancy that although banked on military and economic might presages a more contemporary, consensual, peaceful and civilized supremacy. Hegemony “does not just happen; it is made.” The existence of economic and military might is insufficient without a vision and a will to pursue ends that will catapult one to the top. The book observes that a global world system had emerged since the 16th century, with different cycles of historical modification since then constantly manifesting themselves. The longest cycle, the book claims, are the hegemonic cycles, which outline the rise, accomplishment, and fall of specific states and their accompanying societies. . Globalization And the Fate of US: The Impending Decline of US Hegemony.
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