This is a post by William Kindred Winecoff, Assistant Professor of Political Science at Indiana University Bloomington, as part of the Duck of Minerva’s Symposium on Structural Power and the Study of Business. This post draws on ideas developed at greater length in Winecoff’s article found here. Links to other posts in the symposium can be found here.
A curious thing has happened since the global financial crisis: all of the rising powers that were ostensibly going to challenge the postwar American hegemonic project have taken significant steps backwards, while the U.S. has recovered much more smoothly than many predicted. Indeed, the political economy problems within unified Europe and the formerly-booming BRICs (Brazil, Russia, India, and China) appear to be deepening further, while others who had resisted the U.S. project, or been ambivalent towards it, are facing new problems of their own: this is especially true of “Pink Tide” left-populists in Latin America – who are suffering from the unraveling of the same commodities supercycle from which they previously had benefited – while the “Fragile Five” middle income economies (Turkey, Brazil, India, South Africa, and Indonesia) face slower economic growth, pressures on their external economic accounts, and serious domestic political challenges.