Power and Global Finance in the Framework of Neo-Gramscian Hegemony: The Great Transformation in Pax Britannica

Abstract

The concept of financial globalization has been extensively debated in the international political economy literature since the 1980's. In fact financial globalization appeared in relation to the economy of Great Britain in the last quarter of the 19th century. In its essence, this research aims to present the fact of London centered financial globalization which appeared in the last quarter of the 19th century with a Neo-Gramscian theoretical perspective. The study summarizes hegemony theories under the two the main headings of order-centered hegemony theories and power-centered hegemony theories. Within the framework of power-centered hegemony theories, a separate category has been given to the Neo-Gramscian theory of hegemony. In conclusion, this study aims to explain the evolution of financial sector globalization within the framework of the Neo-Gramscian theory of hegemony and its relation to the struggle for world dominance.

Keywords

Neo-Gramscian Theory of Hegemony, Global Finance, Capital Accumulation, World Order, Gold Standard

Citation

Özen, Çınar, “Power and Global Finance in the Framework of Neo-Gramsdan Hegemony: The Great Transformation in Pax Britannica”, International Relations, Volume 2, Issue 8 (Winter 2005-2006), pp. 3-31.

Affiliations

• Çınar Özen, Assoc. Prof. Dr., Gazi University, Department of International Relations