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Word Count: 1,071
Over the course of the last half-century the US has enjoyed unprecedented power in every aspect whether it be politically economically militarily or by any other means In its dominance of world politics since WWII the US has been able to cast its influence around the globe However the US experienced a gradual decline in its sovereignty over the course of this era as well A prime example was in 1973 when OPEC raised oil prices drastically over the course of the next two years OPECs ability to increase at will the world price of its precious product highlighted the industrial worlds dependence on foreign sources of energy Keylor p346 Being a sovereign nation requires not being subject to external forces being able to conduct an independent foreign policy and being able to control events within your own borders Today US sovereignty continues to decline for a number of reasons The only question is whether it is healthy or harmful for the US to do so The first reason why US sovereignty is declining is due to what is known as interdependence This phenomenon developed after WWII with the creation of the UN GATT the IMF and other such intergovernmental organizations All of these served to create linkages between the major nations of the world in the postwar era Membership in such organizations makes the US subject to international law Rosecrances identification of the trading state signifies the shift away from geopolitical influence and towards a global economy Both the roles of international trade and foreign investment have increasingly become a greater element of US economic importance Additionally the tying together of economies from around the world has lead to an increase in economic warfare The increased use of economic sanctions and other such measures can be contributed to their perceived effectiveness in obtaining foreign policy goals The US integration into the world economy leaves it susceptible to the economic decisions of its trading partners
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