If we consider globalisation as a multifaceted phenomenon that implies important relations between the social, technological, economic, environmental and political (relations known as STEEP) between countries we identity new elements to explain integration and not just the purely economic analyses made in post war periods. To cite a case, the debate on 1974 about the alleged loss of economic power in the US consequence of the 1971 and 1973 international monetary crisis was spinning around the overvaluation of the dollar that occur from 1960 to 1971 (Paul Samuelson 1974).

In this context globalization was not yet understood as a phenomenon that could drastically change the power relationship between East and West, not only from the ideological spectrum; under this context the US continued to maintain the conditions to be called a hegemonic country (Hegemonic stability theory). Nevertheless even in this period we could also consider the evidence of the world integration on some aspects like finance, among others the influence of the US on international monetary system. One of the principal teachings of that crisis was the importance of improve competitiveness on international market, take care of the called "benign neglect", monetary and fiscal policies, among other topics.

But we could find a deeper integration from 1990 to 2015 period in which the liberalism, explained as a dominant force that converges toward a unification of ideas of cooperation, integration and free trade, generated the consolidation of International Organizations as the European Union (Maastricht Treaty 1992) the participation of transnational and transgovernmental actors. The question is if the US will led the globalisation on the present century or other nations will arise as China.


A new change in the world's economic leadership is a possibility, at least there is enough evidence in academia. The growth of the product and consolidation of China in global markets, the problems experienced in the integration of the European Union with key points in the crisis in Greece and the exit of the UK from this bloc, give us the measure of a partial redistribution of power. On the other hand, the current US government maintains a discourse with the tinge of protectionism "US first". In the redistribution of power we can find some explanations in history, in the advent and fall of nations that are explained in the theory of long cycles (Myers 2007). Although it is complex to establish a causal relationship that explains the changes in power in the world, even so, we cannot ignore the power exercised by a country that predominate on economic, military and at the same time is perceived by other nations in maintaining of human values.

A redistribution of effective power must also contemplate keeping public institutions and organizations of countries current and efficient. On the other hand a particular case is that both US and China are two countries that will inevitably dispute the leadership but the EU acts with a "sprit de corps", which despite the problems can be a long-term strength.


Globalization has deepened the vision of a more integrated world politically, economically, environmentally, socially and technologically and according to this vision many international institutions have laid the premises for a hoped balanced development. This vision, although it is shared by the EU, US and China, which is demonstrated in the participation of them in entities such as the World Trade Organization, this does not exclude a more accelerated development of some than of others; Although in terms of product China seems to have greater potential, a change of world leadership is still under analysis.