Notwithstanding the risk of counter-hegemonic strategies, why could the United States successfully use the centrality of the dollar in the global financial system as a geopolitical weapon in their...Show moreNotwithstanding the risk of counter-hegemonic strategies, why could the United States successfully use the centrality of the dollar in the global financial system as a geopolitical weapon in their sanctions against Iran, both before and after the Iran Nuclear Deal? )?”. This thesis argues that the US derived structural power from the centrality of the dollar in the global financial system, which persisted over time due to the structure of the global financial system. This structural power allowed the US to exclude Iran from the global financial system by applying extraterritorial mechanism to third parties within the financial sanctions. Although this structural power is unique to the network position of the US, more profound counter-hegemonic strategies emerge when this structural power is not embedded in a multilateral coalition.Show less
