American and Chinese Power after the Financial Crisis

Author
Joseph S. Nye, Jr.
Content Type
Journal Article
Journal
The Washington Quarterly
Volume
33
Issue Number
4
Publication Date
October 2010
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