Origins of the Pax Britannica and the Pax Americana
Power and Plenty: Trade, War, and the World Economy in the Second Millennium by Ronald Findlay and Kevin H. O’Rourke vs. Clashing over Commerce: A History of US Trade Policy by Douglas A. Irwin
tldr:
Britain and America’s ascensions to hegemony illustrate the virtuous cycles of “power and plenty” (Findlay and O’Rourke xix). The Pax Britannica (1815–1914) and the Pax Americana (1945–present) were characterized by relative peace and relatively free trade between large parts of the world. This paper will focus the conditions that gave rise to each superpower’s dominance. British and American foreign policies shared some similarities: both countries created large free trade zones and both spent heavily on their militaries. They also both benefited from fortunate geographic locations. However, the motivations and economic policies of the two countries were diametrically opposed. The result, perhaps, was that global growth patterns differed significantly during these two periods. Regardless of the differences, though, wealth led to geopolitical power and geopolitical power brought further wealth—a virtuous cycle.