THE NEED FOR A HEGEMON TODAY IN EUROPE.
THE NEED FOR A HEGEMON TODAY IN EUROPE. Professors DeLong and Eichengreen extend Kindleberger’s theory to today’s financial crisis. They say: “we find ourselves watching a rerun of Europe in 1931.” There is no hegemon for Europe. They discuss the different possible candidates and explain why each is unsuited to perform the functions of a hegemon—why the European Central Bank, the European Union, Germany. the International Monetary Fund, and the United States are either unauthorized, unsuited, unwilling or unable to act. Kids, you can view the events of the last couple years in Europe as a series of attempts to to do what a hegemon would do, often by a series of actions—by consensus—of the individual nations.