Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe's joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar's shadow. The essays collected in this volume explain why. Because of America's external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe's money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies,...

This book is about power in a changing world economy. Though power is ubiquitous in the study of International Political Economy, the concept is underdeveloped in formal theoretical terms. This collection of essays analyses recent experience in East Asia to advance our theoretic understanding of state power in IPE. Over the last quarter century, no other region of the world has had a greater impact on the global distribution of economic resources and capabilities. China, with its "peaceful rise," now stands as the second largest national economy on the face of the earth; South Korea and...