Global Monetary Order and the Liberal Order Debate

Norrlof, Carla; Poast, Paul; Cohen, Benjamin J.; Croteau, Sabreena; Khanna, Aashna; McDowell, Daniel; Wang, Hongying; Winecoff, W. Kindred

doi:10.1093/isp/ekaa001

Cited by 18 publications

(7 citation statements)

References 99 publications

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“…32 See, inter alia, Norrlöf 2014 andFichtner 2017. 33 The vaunted Sino-American "decoupling" never materialized at this time (Norrlöf and Poast 2020;Drezner 2019). Furthermore, the 2010s saw an increase in the use of US dollar in international trade, despite efforts of some major economies to "de-dollarize" and otherwise reduce vulnerability to the US (Ibid.…”

Section: Security Goodsmentioning

confidence: 99%

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China and its region: An assessment of hegemonic prospects

Vučetić¹

2022

J Regional Security

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Will China's rise lead to Chinese hegemony? Most International Relations scholars would answer in the negative, contending the road to a global hegemony remains well beyond Beijing's interests and capabilities. In Asia, however, China's formidable economy, technological advancement, rapidly modernizing military forces, and recent geopolitical moves look outright hegemonic-a fact that United States attempts to "pivot" and "rebalance" to that region have put into sharp relief. To assess the prospects of a new regional hegemony, this article considers the "economic, " "security" and "cultural" relations of eleven Asian states with both Beijing and Washington. The overall results induce skepticism about the latter's ability to reorder the region. Although growing and in some cases significant, China's provision of international goods to neighboring countries still pales in comparison to that centered on the United States and its allies. Sightings of an Asian Pax Sinica are at best premature.

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Section: Security Goodsmentioning

confidence: 99%

“…Indeed, for reasons of style, I follow a commonplace practice of conflating "PRC" with "China" and "US" with "America. "3 For discussions, see especially Rolland 2020;Norrlöf and Poast 2020;Pu 2019; Johnson 2019;Beckley 2018;Allan, Vucetic, and Hopf 2018;Wang 2017 andChen 2016.…”

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confidence: 99%

China and its region: An assessment of hegemonic prospects

Vučetić¹

2022

J Regional Security

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“…Scholarship would benefit from asking how philanthropies shift or augment the dynamics of great power politics. For example, research on the durability of dominant currencies in the global monetary order suggests the dollar is likely to outlast US hegemony ( Norrlof et al 2020 ). At the same time, data on global philanthropy show it has remained relatively stable as a proportion of US wealth over several decades, while it has increased in recent years in countries experiencing economic growth, including China, Russia, India, and Brazil ( McGoey 2015 , 17).…”

Section: How Research On Philanthropy Informs Our Understanding Of Thmentioning

confidence: 99%

FORUM: COVID-19 and IR Scholarship: One Profession, Many Voices

Agostinis

Grépin

Kamradt‐Scott

et al. 2021

International Studies Review

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The COVID-19 pandemic has affected virtually every aspect of life, for individuals, communities, nations, regions, and the international system. In this forum, scholars from around the world with diverse areas of expertise consider the contributions of international relations (IR) scholarship in our understanding of the politics and governance challenges surrounding the pandemic. The seven essays that follow together examine how our current state of knowledge speaks to the theme of ISA 2020: “Multiple Identities and Scholarship in a Global IR: One Profession, Many Voices.” Each essay features a research area and body of scholarship that both informs our understanding of the COVID-19 pandemic and reflects on how the pandemic challenges us to push our scholarship and intellectual community further. Together, these essays highlight the diversity of our discipline of IR and how its many voices may bring us together in one conversation. La pandemia de COVID-19 ha afectado prácticamente a todos los aspectos de la vida para las personas, las comunidades, las naciones, las regiones y el sistema internacional. En este foro, los académicos de todo el mundo con diversas áreas de experiencia consideran las contribuciones de los estudios de las relaciones internacionales (International Relations, IR) a nuestro entendimiento de la política y los desafíos de gobierno que rodean a la pandemia. Los siete ensayos a continuación analizan en conjunto cómo nuestro estado de conocimiento actual aborda el tema de la Asociación de Estudios Internacionales (International Studies Association, ISA) de 2020: “Múltiples identidades y estudios en una IR global: una profesión, muchas voces.” Cada ensayo presenta un área de investigación y un cuerpo de estudios que conforman nuestro entendimiento de la pandemia de COVID-19 y también reflexionan sobre cómo esta nos desafía a impulsar aún más a nuestra comunidad académica e intelectual. En conjunto, estos ensayos destacan la diversidad de nuestra disciplina de relaciones internacionales y cómo sus numerosas voces pueden juntarnos en una conversación. La pandémie de COVID 2019 a affecté pratiquement tous les aspects de la vie, que ce soit les individus, les communautés, les nations, les régions ou le système international. Dans cette tribune, des chercheurs du monde entier spécialisés dans divers domaines d'expertise réfléchissent aux contributions des recherches en relations internationales à notre compréhension des défis politiques et de gouvernance entourant la pandémie. Les sept essais ainsi réunis examinent la manière dont l’état actuel de nos connaissances aborde le thème de la convention 2020 de l'Association d’études internationales : « Identités et recherches multiples dans des relations internationales globales : une profession, de nombreuses voix ». Chaque essai présente un domaine de recherche et un corpus d’études qui éclaire notre compréhension de la pandémie de COVID 2019 tout en amenant une réflexion sur la façon dont la pandémie nous remet en question et nous pousse à aller plus loin dans nos recherches et notre communauté intellectuelle. Ensemble, ces essais mettent en évidence la diversité de notre discipline des relations internationales et la manière dont ses nombreuses voix peuvent nous réunir dans un débat.

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“…However, it is important to recognize that even if China were to succeed in all of its military challenges to the U.S., this alone would not shift hegemony from the U.S. The key reason for this is that the majority of economic actors in the world seem to view the USD as the key reserve currency, and at this point, the RMB is not in a position to challenge that status (Norrlof et al 2020;Oatley et al 2013;Poast 2015). 9 Despite significant criticism of the Trump administration during the economic shock of COVID-19, much of the world seems to view Federal Reserve Chairman Jerome Powell as a critical and stable player in international monetary policy.…”

Section: Covid-19's Long Term Threatmentioning

confidence: 99%

Will COVID-19 Cause a War? Understanding the Case of the U.S. and China

Bapat

2020

Peace Economics, Peace Science and Public Policy

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This study analyzes the possibility that COVID-19 will increase the risk of a military conflict between the United States and People’s Republic of China. The mechanism is that COVID-19 weakens American economic output, which undermines the U.S. capability to project force. This enables China’s efforts to revise the status quo. Although a rapid collapse of American power due to COVID-19 would theoretically increase the likelihood of an armed conflict, this scenario is unlikely due to the centrality of the U.S. dollar in the global financial system. I therefore argue that COVID-19 increases the short term risk of military crises, particularly in the South China Sea and Persian Gulf, but does not significantly increase the likelihood of a power transition and full scale war. However, the long term depends on the ability of the U.S. to respond adequately to the COVID-19 crisis.

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Global Monetary Order and the Liberal Order Debate

Cited by 18 publications

References 99 publications

China and its region: An assessment of hegemonic prospects

China and its region: An assessment of hegemonic prospects

FORUM: COVID-19 and IR Scholarship: One Profession, Many Voices

Will COVID-19 Cause a War? Understanding the Case of the U.S. and China

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