Description
Conventional wisdom treats hegemons in decline as status-quo powers preoccupied with the preservation of an open international economic order conducive to their interests. This paper challenges the standard narrative by highlighting that as they near “power transition”, hegemons acquire a vested interest to challenge the same order they actively contributed to building in the first place. This is because of their unique sectoral composition, necessitating a more closed economic order, as the best way to seek economic power. Hegemons’ revisionism is highlighted through an in-depth analysis of interwar Britain’s repudiation of the gold standard, multilateral free-trade and the open-door.
