It is important to remember that the economic preponderance of the US is inseparable from its structural power, which is the power to shape the global economy in a particular way. After all, the Bretton Woods system, set up by the US after the Second World War, still constitutes the basic structure of the world economy. Thus, we can regard the World Bank, International Monetary Fund (IMF) and World Trade Organisation (WTO) as the products of American hegemony. |
