Over the history of the capitalist world system, the United Provinces of Holland, the United Kingdom, and the United States, have been the hegemonic powers over different historical periods. Explain why the successive hegemonic powers have played an indispensable role in the operation and expansion of the capitalist world system.

Many argue that the US hegemonic power is in decline. Discuss the evidence and arguments that the US hegemonic power is in decline. Can China replace the US to become the world system's next hegemonic power? How about other big powers (India, Russia, European Union)? Discuss each big power's advantages and disadvantages.

If the US hegemonic power is in decline but no other big power can realistically replace the US to become the next hegemonic power, what could be the implications for the future of the capitalist world system?