Abstract
This paper evaluates Susan Strange's theory of structural power from a contemporary perspective. Strange accurately identified the flaws in U.S.-decline arguments of the 1980s and 1990s, arguing that the source of American power had not disappeared but moved from territory and population to control over the structures of the world system. The same diagnosis applies to claims of dollar decline in 2026: while the dollar's share of official foreign-exchange reserves has fallen, roughly 99 percent of stablecoins freely chosen by individuals are denominated in dollars. State-led de-dollarization and individual-level dollarization are therefore proceeding at the same time.
The paper argues, however, that this accuracy exposes a limit rather than proving the theory complete. Strange's model helps explain the intent behind U.S. crypto institutionalization, while Raymond Aron's distinction between force and puissance helps explain why the United States is increasingly compelled to mobilize coercive power to preserve the same position. The paper defines this shift as the “exhaustion of hegemony” and uses it to analyze U.S. motives for institutionalizing Bitcoin and dollar stablecoins.
Type Conference Paper · Original language Korean · Length 24 pages