The current correlation of forces in the struggle for global economic hegemony

Please cite the paper as:
Juan Vázquez Rojo, (2020), The current correlation of forces in the struggle for global economic hegemony, World Economics Association (WEA) Conferences, No. 1 2020, Trade Wars after Coronavirus, Economic, political and theoretical implications

Abstract

The objective of this paper is to analyze the current correlation of forces between China and the United States to verify whether this distribution of power corresponds to the current hegemonic order. Starting from the concept of interstate hegemony and hegemonic order, a comparative analysis is made between both countries in five areas: productive, technological, commercial, financial and military. This analysis allows for a structural explanation of the causes of trade and technological war, as well as shedding light on the extent to which China may be a candidate to replace the United States as world economic hegemon. Among the main results, it is considered that the current hegemonic order is not representative of the current correlation of forces between both powers. However, China is still far from overtaking the United States.This fact causes an erosion in the world system and leads to a growing increase in inter-state tensions.

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