Persuasively argued, as always. Yes, under hegemonic stability theory, Kindleberger wrote convincingly how in the 1930s the world needed the US to be global hegemon but that the US was reluctant to serve. And, yes, the world today again needs benevolent global leadership. But perhaps now it is US incapacity rather than reluctance that keeps it from global hegemony. http://dannyquah.wordpress.com/2014/06/27/it-is-not-easy-being-leader-of-the-world/
Danny Quah is Li Ka Shing Professor of Economics at the Lee Kuan Yew School of Public Policy at the National University of Singapore. He is the author of The Global Economy's Shifting Centre of Gravity.