The mysterious case of vanishing hegemony; or, Is Mark Twain really dead?

The literature on hegemonic stability commonly assumes that American hegemony has drastically declined in recent years. Is that assumption justified? If one distinguishes between power base and control over outcomes, the American position regarding the latter, in particular, has not declined substantially, and especially not if one considers security goods as well as economic goods. The substantial continuity of outcomes in the post-World War II era stems in large measure from the degree to which the goods provided have been private goods that particularly benefit the United States rather than collective goods, as is widely assumed. These benefits, especially those from “cultural hegemony,” have helped the United States to sustain much control over outcomes.