The global financial crisis and subsequent effects on sovereign debt, the “rise of China”, prolonged
war in the Middle East, as well as the recent as yet uncertain wave of political unrest and civil war
known popularly as the “Arab Spring” have shaken the world, and called into question the future of
U.S. hegemony. In this regard, the prospects for continued U.S. hegemony in the international
political economy will be analysed. First, however, it will be necessary to determine exactly what
factors are constitutive of U.S. hegemony. In this regard, the structural analysis devised by Susan
Strange in the 1980s is apt to illustrate the main sources of U.S. power in the international system.
Additionally, the insights of Robert Cox’s analysis of the internationalization of production, world
order, and his application of Gramsci’s theory of hegemony to the international political economy
allow for a more thorough understanding of the nature of the U.S. hegemony. Additionally, East Asia
and Latin America will briefly be analysed due to their potential as sites for collective counter-
hegemony, if not on a global, then at least on a regional level. It will be concluded that U.S.
hegemony through dominance in the structures of production, finance, security and ideology appears
to be relatively safe from effective contestation for the foreseeable future. Once again, the decline of
the U.S. has been much exaggerated due to a lack of focus on structural power, and an in depth
analysis of the myriad sources of power which the U.S. draws from.