On The Impact Of Dollar Circumlfoence On U.S. Economic Hegemony

After the international financial crisis in2008, U.S.economy suffered a second recession since the new century,debates continue to heat up about whether the U.S.economic hegemony can still subsist. U.S. economichegemony has been established for almost70years sinceWorld War II, and has gone through the Bretton Woodssystem and the Jamaica system which are dominated bydollar. Based on a historical survey of the Bretton Woodssystem and Jamaica system since World War II, this paperargues that there exists a unique and regular circulationphenomenon of cross-border flows of dollars, and conductdifferent circumfluence patterns during the Bretton Woodssystem and the Jamaica system. Dollar circumfluencebrings problems such as money oversupply,de-industrialization, financial trap, the debt trap,valuationeffects and other issues to the United States, and also dragsouter countries into trade surplus trap and currencyappreciation trap while it challenges the world economicgrowth pattern, and then forms impact on U.S. economichegemony in many aspects.Based on the research on the mechanism of dollarcircumfluence for U.S. economic hegemony, this paperanalyzes the impact of dollar circumfluence on U.S.economic hegemony from the perspective of dollarcircumfluence during different international monetarysystems. Historical analysis and quantitative analysis are used to analyze different impacts of two types of dollarcircumfluence patterns on U.S. economic hegemony. Thispaper argues that dollar circumfluence patterns during theBretton Woods system and the Jamaica system reflect thewill of U.S. economic hegemony on one hand, and generatedifferent influence on U.S. economic resources advantage,commercial hegemony, financial hegemony and discoursepower of international economic rules; two types of dollarcircumfluence inherently contain factors which will lead tothe collapse of U.S. economic hegemony while they bothsupport it in some extent.This paper is divided into five parts： the first part isthe introduction that includes background and significanceof the topics,core concepts, literature review, researchmethods and structural arrangements, the difficulties andpossible innovations; the second part analyzes dollarcircumfluence patterns, U.S. economic hegemony and themechanism of dollar circulation for U.S. economichegemony in theory; the third part analyzes the impact ofthe dollar circumfluence on U.S. economic hegemonyduring the Bretton Woods system; the fourth part analyzesthe impact of the dollar circumfluence on U.S. economichegemony during the Jamaica system; the fifth part is theconclusion.This paper contains two innovations: first, it explainsthe content and patterns of dollar circumfluence during theBretton Woods system and the Jamaica system, summarizes the characters of two types of dollar circumfluence andpoints out that dollar circumfluence during differentinternational monetary systems is an objective and regularphenomenon; second, it systematically divides U.S.economic hegemony into economic resources advantage,commercial hegemony, financial hegemony and discoursepower of international economic rules, and discuss theimpact of dollar circumfluence on U.S. economichegemony based on the mechanism.