Trade Flourishes Under Hegemony

Hyperpower is sometimes good. It might sound like a phrase coined by Gordon Gekko, but there is some wisdom to be learned here. Al Fin:

Trade flourishes under hegemony. That is the lesson I took from Power and Plenty, a dense, arduous survey of economic history written by Ronald Findlay and Kevin H. O'Rourke.

In addition to the Mongol empire, they describe the increased trade under the hegemonies of the Romans, the Muslim Caliphate, and various dynasties in China and Latin America during the first millenium. Of course, the most recent example of trade under hegemony has been what Walter Russell Mead in God and Gold calls the maritime powers of Great Britain and the United States.

It makes sense once you think about it.

Disparate peoples can coexist in three ways: in isolation, under hegemony, or at war. In the absence of hegemony, peaceful intercourse is an elusive ideal. TCS

The current world hegemony--Pax Americana--is often demonised, but is not likely to be improved upon for centuries.

The two current serious alternatives: Chinese hegemony or the global caliphate, leave much to be desired.

China is quickly converting its portion of Asia into a vast wasteland, with poisoned land, water, and air. As China's economic influence and control spreads to other nations of East Asia, Africa, and South America, ecological devastation follows. In the area of human rights, China's record at home and abroad is likewise dismal.

A Chinese world hegemony would be a nightmare for everyone.

What about a world Islamic Caliphate?

Sharia for everyone, dhimmitude for all non-muslims. The streets running with the blood of infidels, apostates, heretics, homosexuals and adulterers. Makes you want to pull all US troops inside US borders, right?

Face it, the world is much better off under Pax Americana than it was during the European wars of the 18th, 19th, and 20th centuries.