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The article evaluates the debate on US hegemony during the 1970s, arguing against the notion of a hegemonic crisis.

July 6, 2026

The Myth of the Crisis of Hegemony and the Rise of US Global Power

Key Points

The article evaluates the debate on US hegemony during the 1970s, arguing against the notion of a hegemonic crisis.
Critical analysis of historical arguments about US hegemony.
Examination of the postwar global power structure.
Identification of three core pillars: defense and security, currency and finance, production and technology.
Challenges in the 1970s did not indicate a weakened US hegemony.
The US managed to consolidate its global power through a transnational economic order.
Tensions between national autonomy and global structures grew, impacting international relations.

Abstract

This article assesses the debate surrounding the purported crisis of US hegemony in the 1970s. Contrary to arguments of American decline, we contend that the challenges of this period did not constitute a true hegemonic crisis. Instead, we argue that the postwar era laid the foundations for a global power structure that was consolidated during and after the decade. This consolidation process rested on three core pillars of the interstate order: (1) defense and security, (2) currency and finance, and (3) production and technology. Thus, the crisis reflected not a weakening of US hegemony but a growing tension between its own national autonomy and an emerging transnational economic order—a process by which the United States solidified its global power. JEL Classification : F40, F62, P16, N12

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