We show that Hamiltonian monodromy of an integrable two degrees of freedom system with a global circle action can be computed by applying Morse theory to the Hamiltonian of the system. Our proof is based on Takenss index theorem, which specifies how the energy-h Chern number changes when h passes a non-degenerate critical value, and a choice of admissible cycles in Fomenko-Zieschang theory. Connections of our result to some of the existing approaches to monodromy are discussed.
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