The paper examines the revival of interest in postwar US hegemony, which began with Bretton Woods, the Cold War, and the Marshall Plan, after the apparent victory of the West in the Cold War and the rise of so-called "neo-liberal" economic ideology. US unilateralism in world affairs and the rise to influence of the so-called "neo-conservatives" as well as the assertion of imperial dominance are also explored.

Next, Samuel Huntington’s "clash of civilizations" thesis is critically assessed, followed by a review of economic globalization and economic liberalization issues. Five aspects of economic globalization that pose serious challenges to the developing world are looked at, namely international trade, foreign direct investment (FDI), international finance, strengthened intellectual property rights, and the new institutional economic governance. The paper ends with a quick review of the prospects for the US economy and the US dollar.