June 11, 2020
Bill O’Grady and Patrick Fearon-Hernandez deliver a compelling presentation on the concept of Hegemony, defined as the leadership or dominance of one country over another. They expound on the Hegemonic Stability theory, positing that a hegemon must provide two crucial public goods: global security and a reserve currency. The duo contends that the U.S., post-WWII, has assumed the role of a hegemonic state, but growing weariness among Americans regarding the sacrifices made for these global public goods has rendered current policies and structures unsustainable. As America gradually withdraws from this hegemonic role, the repercussions for global stability are anticipated to be significant. Drawing parallels to America’s post-WWII influence in Europe, the presenters predict a shift in reliance toward a hegemonic state in Europe, with Germany emerging as a prominent contender. They highlight the creation of the EU and Eurozone as pivotal steps toward European unification, acknowledging the existing system’s advantages and drawbacks. With the U.S. scaling back its hegemonic role, there is a notable push for European countries to coalesce behind a benevolent Germany, emphasizing the intricate dynamics shaping global power structures.