Second midterm Essay Example | Topics and Well Written Essays - 750 words

Second midterm - Essay Examplear II, which overly gets described as the short American century, represented a period of continuous prosperity for the American government and its frugality. The shift in the external economic order has led to the US citizens increasing aesthesis of disempowerment. The changes witnessed in the classical sphere economy have decreased the US governments strength in managing its economy.The change from the Bretton timbers based supranationalist economic system to a greater international economic integration based system has seen the US lose grip on it domestic economy. The Bretton woodss system had contributed to the US leading the international economic order between the 1940s and 1970s. The Bretton woods system had allowed America to focus on the politics of its national security through the international economic integration it promoted. Through the Bretton woods system, the US spent less of its money in rebuilding the economies of Western Eur ope and Japan. The collapse of the Bretton Woods system meant that the US had to put sense of taste in international markets over its domestic considerations of national security. The new contemporary international economic world order has seen countries such as China and Singapore also emerge as serious international economic powerhouses. With the new found international economic system, the relevance of the dollar has dwindled as each and every(prenominal) rural area strives to use their currency as a means of trade. The US massive foreign debt has inflicted heavily on the predominance held before by its dollar as an international currency.The contemporary international economy that took over the American led Bretton Woods system has also allowed for almost every country in the globe to engage in international trade, finance, and investment (Frieden 153). Under the previous classical economic order, only the US and its closest allies had control in setting up terms for intern ational trade. The changing global environment created