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  • Author: Joseph S. Nye, Jr.
  • Publication Date: 10-2010
  • Content Type: Journal Article
  • Journal: The Washington Quarterly
  • Institution: Center for Strategic and International Studies
  • Abstract: The United States has been widely blamed for the recent financial crisis. As the U.S. economy floundered and China continued to grow in the great recession of 2008—2009, Chinese authors launched ''a flood of declinist commentary about the United States.'' One expert claimed that the high point of U.S. power projection was 2000. The Chinese were not alone in such statements. Goldman Sachs advanced the date at which it expects the size of the Chinese economy to surpass the U.S. economy to 2027. In a 2009 Pew Research Center poll, majorities or pluralities in 13 of 25 countries believed that China will replace the United States as the world's leading superpower. Even the U.S. government's National Intelligence Council projected in 2008 that U.S. dominance would be ''much diminished'' by 2025. President Dmitri Medvedev of Russia called the 2008 financial crisis a sign that the United States' global leadership is coming to an end, and even a sympathetic observer, Canadian opposition leader Michael Ignatieff, suggested that Canada should look beyond North America now that the ''the noon hour of the United States and its global dominance are over.
  • Topic: Government
  • Political Geography: Russia, United States, China, Canada, North America
  • Author: Yoichi Funabashi
  • Publication Date: 04-2009
  • Content Type: Journal Article
  • Journal: The Washington Quarterly
  • Institution: Center for Strategic and International Studies
  • Abstract: In this age of globalization, nations rise and fall in the world markets day and night. Europe, Germany in particular, may at first have indulged in a certain amount of schadenfreude to observe the abrupt fall from grace of the U.S. financial system. But not for long. As of November 2008, the euro zone is officially in a recession that continues to deepen. Germany's government was compelled to enact a 50 billion euro fiscal stimulus package. The Japanese economy, though perhaps among the least susceptible to the vagaries of the European and U.S. economies, followed soon after, with analysts fearing that the downturn could prove deeper and longer than originally anticipated. The U.S.—Europe—Japan triad, representing the world's three largest economies, is in simultaneous recession for the first time in the post-World War II era. China, meanwhile, is suddenly seeing its 30-year economic dynamism lose steam, with its mighty export machine not just stalling but actually slipping into reverse.
  • Topic: Economics, Globalization, Government
  • Political Geography: United States, Japan, China, Europe, Germany