green | rising

A Sustainable Hegemony

January 23rd, 2007 by Vihar Sheth
Posted in Capitalism, Globalization, Society

I’ve only a cursory education in international relations and politics but many experts point toward a hegemony during times of global stability. Two unnerving pieces of information today are making me think - probably prematurely - the end is nigh for the U.S., at least from a point of utter dominance.

First, distaste for George Bush is at a ridiculously high level. An article in the Evening Standard details some alarming survey results regarding the globe’s position on the U.S. leader. Among the revelations:

• Two-thirds of Americans think Bush is headed down the wrong track
• Three out of four people questioned in 25 countries disapproved of the way the U.S. is dealing with Iraq
• Some 68 per cent of those questioned around the world believe the U.S. military presence in the Middle East provokes more conflict than it prevents and only 17 per cent feel America’s presence there is a stabilising force
• 76 per cent of Britons condemned the treatment of detainees in Guantanamo Bay and other prisons, 70 per cent were critical of the U.S. response to the Israel-Hezbollah war in the Lebanon, and 64 per cent disagreed with America’s response to Iran’s nuclear programme
• Only 33 per cent of Britons saw U.S. influence in the world as mainly positive, 79 per cent disapproved of its approach to global warming and 55 per cent were against the way it handled North Korea’s nuclear weapons programme
• More than seven out of ten Britons - 72 per cent - saw the U.S. military presence in the Middle East as “provoking more conflict than it prevents”

Alrighty, that’s enough. Most of the survey results I cited refer to the British, who are supposed to be America’s allies in this clusterfuck. Sigh. All of this, coupled with a story about New York’s recent employment ills makes the status quo that much more disconcerting. This bit of news begins, “Billions of dollars and thousands of jobs are at stake if nothing is done to help New York regain its footing as the financial leader of the world, New York lawmakers said Monday,” and continues with:

• Mayor Michael Bloomberg and Sen. Charles Schumer, D-N.Y., appeared at City Hall to discuss their report that found the city is losing its competitive edge and could amount to little more than a bit player in a matter of years.
• They said New York and other U.S. cities are falling behind in financial services while cities like London, Dubai, Hong Kong and Tokyo are surging ahead, scooping up talented employees and increasing their market share in investment banking, sales and trading.
• One in nine New York jobs is in financial services. Nationwide, financial services is the third-largest sector of the economy, contributing 8 percent of gross domestic product, behind only manufacturing and real estate.

The hits just keep on coming. “Bloomberg and Schumer said the problems begin with America’s burdensome regulatory atmosphere, which is scaring companies into taking their business overseas.” Apparently some recent economic reports agree with this sentiment. If a significant shift in the concentration of financial sector jobs moves east, and the global community views the U.S. with disdain because of its military behavior the future will be bleak. Asia is already exploring a trading bloc and the availability of capital in countries like China and India is growing exponentially. If America’s only threat is force and it’s only contribution to the world its movies and music the call centers will be coming back to the States in no time.

My opinion on this is obviously pessimistic, but as with all things dramatic, hindsight is 20-20. We often scramble to pick up the pieces after the damage is done (see: global warming). I don’t know what to do about the second problem. Regulation to a point is good. We can’t have companies taking advantage of the system because no one is watching. But, legislation like Sarbanes-Oxley is clearing hampering the business environment in the U.S. I know my life at work has gotten worse because of it. No one will benefit if power shift creates three or four global powers in the next few decades. As for the first problem. A new president who’s definition of diplomacy isn’t “the act of throwing steaming piles of feces at others” would be a good start.