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Hegemony and Seigniorage


  • Maria Ivanova


This article argues that the U. S. current account deficit emerged in the course of the structural transformation of the U. S. economy as the Fordist production regime underwent a profitability crisis, eroded, and was supplanted by the emerging dominance of the financial sector. This domestic transformation has been aided and abetted by the position of the U. S. dollar as key international currency which confers upon its owner the right of seigniorage whose spoils broadly defined to include not only seigniorage income and the benefits derived from the large-scale recycling of American debt, but also the ability to profit from exchange-rate manipulation of the dollar, have given further impetus to the erosion of the U. S. productive economy.

Suggested Citation

  • Maria Ivanova, 2010. "Hegemony and Seigniorage," International Journal of Political Economy, Taylor & Francis Journals, vol. 39(1), pages 93-130.
  • Handle: RePEc:mes:ijpoec:v:39:y:2010:i:1:p:93-130
    DOI: 10.2753/IJP0891-1916390104

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    Cited by:

    1. Pasquale Tridico, 2011. "Global Imbalances, Declining Hegemony and the Need for a New Global Governance," Departmental Working Papers of Economics - University 'Roma Tre' 0130, Department of Economics - University Roma Tre.

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