Reserch On Dollar Hegemonic Strategy After The Cold War

After the cold war, the international community by ideology to start against the economic development and the comprehensive national strength competition and competition, the United States began to be the only superpower. Dollar as the most important reserves and trading currency of the international society.It is not only the cornerstone of American hegemony, but also the tacit support of American political hegemony, economic hegemony and military supremacy. Academic circles have discussed "dollar hegemony" more, but definitely put forward the strategy of dollar hegemony are relatively rare. Dollar hegemony does not only refer to the advantage status of america, and containing the clear will, and has perfect the policy basis, legal regulation, as well as personnel agencies and other aspects of the support. It has been subject to and in service of the U.S. global hegemony strategy important basis. At the end of the cold war,the United States congress drafted the 1988 year the comprehensive trade and competitiveness act, which had clearly defined U.S. Treasury secretary to provide a relevant major trade partners foreign economic policy and exchange rate policy to the report every half year, to better supervise and evaluate the position and function of dollars in international currency pattern.The implementation of the strategy for the dollar hegemony provides clear legal basis. After the end of the cold war, it has included clear strategic design and running track of the dollar hegemony strategy from the Clinton's exchange rate strategy to the Bush war on terror to Obama government revive strategic.The paper mainly takes the historical noumenon, rational choice, comparative analysis and case analysis methods.The dollar hegemony strategy made three levels of position. The dollar hegemony strategy is the history product of American improvement and development, which is not only the strategic choice of leading international monetary pattern to hegemony, but also the important change national strategy of the United States controlling the world political and economic military order. I persisted in the basic way of "longitudinal mining, horizontal development" while discussing dollar hegemony strategy. The main clue of dollar hegemony strategy is the historical development with the continuous changes of the dynamic aggregation.The first part of the thesis mainly answers and solves the problems whether and why does the dollar hegemony strategy exist? From the dollar hegemony strategic structure, the connotation of the foundation and the main mode of the basic elements, the main body of the strategic implementation, the strategic target, the strategic environment,the ability and the means.The dollar hegemony strategy has strategic basis structure of conditions.It is the financial foundation and the important part of global hegemony strategy, The dollar hegemony strategy has three main modes,which named the currency privilege mode, Wall Street mode, combination mode. The dollar hegemony strategy is based on the domestic political, economic and ecological environment,which safeguarding the national interest as the core principle especially a few groups'interests. It's ultimate goal is to safeguard American world hegemony.The second part of the paper mainly describes the evolution process of dollar hegemony. Dollar hegemony has gone through the "two strategic jumped, three development stages" transformation from the second world war to the end of the cold war. Two strategic jumped stages refer to the currency to the international gold exchange standard currency, from the gold exchange standard to dollar standard. Three historical stages to point to 1944 respectively of the bretton woods system stage (1944-1971), established the gold exchange ratio and a dollar relationship. The second phase is to point to Jamaica system stage (1971-1992).Dollar had become an independent international currency.The international monetary system had been into the core of the floating exchange rate era. The third stage is the end of the cold war (1992-now).The dollar hegemony strategy had been fully formed.The Clinton administration made full use of the cold war's "heritage"to use the exchange rate, interest rate method. The United States grabbed a huge economic benefits from the strategic expansion. September 11 events led the Bush administration into lasting period of the war on terror.Bush government period of strategy took dollar hegemony "unilateralism" and "pre-emptive" military standards,which costed large us financial, material and human resources.The period increased the government's financial burden. The U.S. financial crisis further intensified the dollar hegemony strategic crisis. The Obama government had to readjust to dollar hegemony strategic policy and to actively respond to the financial crisis.Dollar hegemony strategy had been into the strategic reviving stage. The center of gravity had shifted from the start of a gradual on terror to repairing America economic basis. This period improved the United States civil power position and role. Dollar hegemony strategy presented wave forms of the development curve after the cold war.The third part of the article treated dollar hegemony strategy transformation, innovation as the basic starting point. Dollar hegemony strategy had three dimension analysis including the economic basis, the political decisions and military support. Economic dimension is the base of strategy of dollar hegemony after the cold war. Dollar hegemony strategy uses the currency privilege, the rules of the game to make right and finance to maintain the hegemony status. In the political decision of dollar hegemony strategy, the United States needs to balance the domestic government and the congress, interest groups and the interest requirement. But in the final analysis, the American national interests and domestic political and international interest are higher than the international politics. The United States military supremacy is the important guarantee of the dollar hegemony strategy after the cold war. The dollar and U.S. troops constitute two pillars of global hegemony. The United States military supremacy promotes dollar hegemony mainly through three forms. One is the security system of American global alliance, which provides favorable security environment and strategic support; One is by war or armed intervention down rivals currency to mainten the world dominance and international credit; One is to foster partner by using military aid, arms sales or military suppression way to meet the dollar hegemony strategy potential threats.The fourth part mainly describes the existing basis, operation structure and operation rules of dollar hegemony strategy after the cold war on detailed analysis. Dollar hegemony strategy basis after the cold war includs "hard power" and "soft power" two aspects, especially the rule of law of innovation spirit and multicultural environment,which provides "soft support". The operation structure of dollar hegemony strategy after the cold war mainly includes "plane structure" and "three-dimensional structure". In the "plane structure" of dollar hegemony strategy, the US uses dollar international reserve currency status to absorb a lot of current capital from international society. Then these capital has been lent to American multinational enterprises, so as to achieve a huge "COINS tax" and profit and to realize the dollars-a product-the virtuous cycle of dollars. At the same time, after more than a century of development and evolution, the dollar hegemony strategy already has been evolved into a strategic penetration and fusion to U.S. national security and foreign policy, energy resources to global development, food trade fields of three-dimensional structure system. Each field has been formed the benign interaction mechanism of action with highly dependent. On the moving rules, dollar hegemony strategy after the cold war has adhered to the national interest first, domestic law internationalization and many political and military means has been used multiplly. Dollar hegemony strategy has already been the foundation of profound strength, complete framework and mature operation rules of the integrated system in the 20 years of development and perfection after the cold war.The fifth part mainly contains the inner contradictions and external challenges.The dollar hegemony strategy is a complex with full of contradictions and challenge. Its inner contradiction mainly reflects in dollars get rid of the "terry Stevens problem" Its external challenge mainly manifests in the following several aspects:one is the challenge of the international monetary pattern.One is international challenges of extensions to politics, economy and military fields.The third challenge is in the financial field of dollars international credit. The United States national debt has been recognized as the safest, most stable investment tools by various countries.The United States uses his trust to increase the economic recovery and internal financing amount for foreign wars through repeated improve debt ceiling.The United States national debt crisis has been increasing.In dialectical perspective, The United States raised the debt limit and cut spending,partly issued by the dollar.The dollar hegemony of expansion returns and other measures to increase the market data,Which stimulates the U.S. economic steadily recovery and gradually increases the United States finance income to consolidate the purpose of hegemony U.S. dollars finally in the world. In the long run, the us Treasury will still be supervised and restrained by the United States. Dollar must undertake the balance of international payments and the responsibility of the global financial market stability. Dollar hegemony strategy will be a strategic adjustment and revive in the future.