Birth of hegemony: crisis, financial revolution, and emerging global networks

Abstract

& P & & DIV & With American leadership facing increased competition from China and India, the question of how hegemons emerge & mdash; & I & and are able to create conditions for lasting & /I & stability & mdash;is of utmost importance in international relations. The generally accepted wisdom is that liberal superpowers, with economies based on capitalist principles, are best able to develop systems conducive to the health of the global economy. & /DIV & & DIV & & /DIV & & DIV & In & i & Birth of Hegemony, & /i & Andrew C. Sobel draws attention to the critical role played by finance in the emergence of these liberal hegemons. H.