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《World Economics and Politics》 2018-05
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Decline of Hegemony,Supply of Public Goods and Global Economic Governance

Cheng Yonglin;Huang Liangxiong;Guangdong Institute for International Strategic Studies,Guangdong University of Foreign Studies;School of Economics and Commerce,South China University of Technology;  
Is it an inevitable trend for the U.S. hegemony to plunge into recession in the existing global economic governance system? What strategic options may the United States make for this purpose? What's the rational cognitive and strategic response for China and other emerging powers? Existing research that addresses these issues focuses on descriptive qualitative analysis and empirical countermeasure research that lead to the insufficiency of explaining the essential linkages between hegemony and global eco-nomic governance,impact mechanisms,governance objectives and the strategic choices of major powers. This article, based on the major factual characteristics of hedging benefits and soft goods constraint in public goods supply,attempts to explore the essential relationship between hegemony and global economic governance and the mechanism and solution by establishing and applying game theory model. The research confirms that firstly,the stronger the relative power of the hegemonic power is,the more it can obtain the hegemony benefits at a lower cost so as to maximize its own national interests. Secondly,the stronger the relative power of the hegemony power,the more it tends to continuously obtain the residual utility. Thirdly, the existence of hegemony can effectively maintain the stability of the existing global economic governance system.Fourthly,the hegemonic power is destined to plunge into the dilemma of supply of public goods. The decay of its effectiveness and the decline of hegemony are the inevitable results. Only when the hegemon power cooperates with major powers to provide public goods can it effectively maintain the stability of the global economic governance system. The article establishes a theoretical analysis framework for analyzing the operating mechanism and the inherent restraint of hegemony and global economic governance from the perspective of public goods supply and provides a new research perspective and analytical tools for explaining the choice of hegemony between the United States and China's strategic responses. It also offers the corresponding game strategy and policy recommendations.
【Fund】: 国家社科基金重大项目(项目编号:15ZDA018);国家社科基金一般项目(项目编号:14BGJ047)的阶段性成果
【CateGory Index】: D815;F113
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