The political economy of international shipping: Europe versus America

The political challenge to the post-World War II order in shipping has been issued in the context of the North-South debate, but American power and interest are central to current developments. In the bulk and tanker sector the United States retains a strong interest in stability and successfully defends the existing order. In the liner sector, on the other hand, the United States has participated in recent assaults on the postwar order, producing great tension between Europe and America. There is a strong correlation between this growing maritime conflict and the political processes anticipated by the general theory of hegemonic stability. But “hegemony†and “power†are distinct concepts. Instability in international shipping arises neither from America's loss of power in shipping nor from challenges from Europe and the Third World. Rather, instability reflects American attempts to establish a closer identity between the existing regime and short-term national interest.