단극체계에 관한 마스탄두노 가설의 비판적 고찰: 단극시대에 반복된 미국의 느슨한 통화정책과 자산거품과 국제적 다단계 금융사기 = A Critical Review of Mastanduno`s Hypothesis about Unipolar System: Loose Monetary Policies of the United States, Asset Bubbles, and International Ponzi Financial Frauds Repeated in Unipolar Eras

다국어 초록 (Multilingual Abstract)

This study is to review critically Mastanduno`s hypothesis about unipolarity and suggest a new hypothesis. Mastanduno argues that unipolarity without any competitors and constraints from other countries provides the unipole state with strong incentive to seek its parochial interests. Whereas historical facts support Ikenberry`s hypothesis could be considered null hypothesis of Mastanduno`s one. It says that unipolarity solicits the unipole country to take greater responsibility of providing international public goods. In the unipolarity of 1920s, America provided international public goods such as gold standard and loose monetary policy to help reconstruct European economy completely destroyed by the First World War. In the unipolarity created by collapse of Soviet Union, America provided pubic good of loose monetary policy to ward off deflationary pressures developed by entrance of China and India to global economy. But the U.S public goods both of 1920s and 21 century led to catastrophe rather than stability. In late 1920s, the U.S loose monetary policy led to huge stock bubbles, burst of which in late October 1929 ignited the Great Depression. Besides, 1920s had to witness international ponzi financial fraud of Ivar Kreuger. The U.S loose monetary policy of 21 century led to housing bubble in America and global economy and burst of American housing bubble in August 2008 triggered global financial crisis. In late June 2009, ex-president of NASDAQ Bernard Madoff was sentenced to 150 years` imprisonment for devastating international ponzi financial fraud. Unipolarity calls upon the unipole country to take greater responsibility of providing international public goods but the public good provided by the unipole state tends to lead to catastrophe rather than stability.

참고문헌 (Reference)

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