India 's Economic Hegemony Over The World

1292 WordsOct 15, 20146 Pages
During the nineteenth century, Britain exerted economic hegemony over the world. After World War Two, the economic hegemonic power shifted to the United States, and the United States has sustained this power ever since. Today, the United States remains the global economic hegemonic power with a Gross Domestic Product (GDP) almost double that of any other country, with a 2013 GDP of $16.8 trillion. Unchallenged since the end of the Cold War and the collapse of the Soviet Union in 1992, the United States has enjoyed a period of unipolarity in global economic affairs. However, the emergence of economic giants, China and India to name a few, could threaten to alter the 21st century balance of power by challenging the United States’ unipolarity in global economic hegemony. Between China and India, which country possesses the greatest potential to challenge the United States’ economic hegemony? A further comparison of each nation’s capital, labor force, and resources shows that India contains far greater potential of challenging the United States’ unipolarity in global economic affairs. First, it is important to understand what defines economic hegemony before we can determine if another country stands the chance to rival the United States’ hegemony. Economic hegemony is a nation’s ability to determine the terms and conditions on which cross-border exchanges of goods, services, and financial assets are made. A global hegemon can dictate these terms and conditions
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