Will China replace the U.S. – Or will the two Powers Stalemate?
With an economically strong China hesitant to assert global leadership, and an economically and politically weakened United States seeking to shore up its military superiority, the question arises whether there will be a hegemonic transition, a hegemonic stalemate, or a hegemonic vacuum. Walden Bello reasons in
Foreign Policy in Focus that within such a vacuum or stalemate, the U.S.-China relationship would continue to be critical, with neither actor able to decisively manage trends. There are, however, those who view the current crisis of U.S. hegemony as offering less anarchy than opportunity. A hegemonic stalemate or vacuum opens up the path to a world where power could be more decentralized, with greater freedom of political and economic manoeuvre for smaller, traditionally less privileged actors from the global South, and where a truly multilateral order could be constructed through cooperation, rather than imposed through either unilateral or liberal hegemony. Crisis may lead to an even deeper crisis — but it can also lead to opportunity.
https://fpif.org/will-china-replace-the-u-s-or-will-the-two-powers-stalemate/
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