ABSTRACT
In the aftermath of the Second World War, the United States emerged as a dominant political, economic, and military power. This new hegemon paved the foundation of the post-war international order and played a significant part in contributing to world economic development in the post-war era. For economic and political reasons, the US committed itself to the revival of a liberal international economy, an international division of labor, resource- and market-access that benefited itself and its allied states. The hegemonic role played by the United States since the end of the Second World War is theorized by the realist school as “hegemonic stability”, in that Washington provided the “public goods” to maintain the world order (leadership, governance and security). These public goods are also identified as “free trade, peace and security, or at least a balance of powers and a sound system of international payments” (Balaam and Veseth, 1996: 51).
