China + America =’Chimerica’
We are living through a challenge to a phenomenon Moritz Schularick and I have christened “Chimerica.” In this view, the most important thing to understand about the world economy over the past decade has been the relationship between China and America.
So is America in decline? Ferguson isn’t convinced that the current economic crisis is any indication:
“Power is always relative, and a crisis that hits the periphery of the global economy harder than the core must logically increase the power of the core. Nemesis, too, can be exported.”
See Also On This Site: Fukuyama seems to think so, but maybe he’s still reeling from the Iraq war…From The New Perspectives Quarterly: Francis Fukuyama’s ‘Is America Ready for a Post-American World?’…Fareed Zakaria seems to think so too…Fareed Zakaria BBC Interview: America In Decline?…Richard Lieber’s not necessarily convinced: Richard Lieber In The World Affairs Journal–Falling Upwards: Declinism, The Box Set