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US has been a dominant world economy for many years but following the rapidly advancing technology the probability of losing its supreme position is not a thought far from reality. After the global recession of 1960 which resulted due to oil crisis there was a marked rise in world prices and increased competition on world economies. This shook the strongest economies at the advantage of oil producing states. Investment, growth and consumption became consequences of the grave economic depression. Having been a dominant state economically and politically in the West, US would have never thought that it would be overthrown by another country as evident in the recent past (Mark, 2010).
Is US economic and political hegemony vulnerable?
Watson in his works suggests that US economy and hegemony is vulnerable as other global powers are quickly taking up the lead positions. Perhaps the election of Obama may have raised hope for brighter economic days but that was just an illusion in the mind of hopeful citizens. As a new president expectations were high and the hope to fix loopholes in the US economy became elevated (Watson, 2010).
Some aspects that US may have overlooked can be highly attributed to the present financial crisis. The former president Bush for instance was well known for unilateralism unlike Obama who came up with multilateralism. Pursuing financial socialism to rescue private and public finance in was an unprecedented step taken in an attempt to save the US from recession by the former government. This has forced Obama to follow the steps though with a lot of difficulties. The past committed mistakes have led to crisis that may never be easily recovered especially when we talk about US as a supreme state. It is evident that American policies have more than what meets the eye leaving severe effects for the future of America. Foreign governments also hold millions and billions of debts squeezing the US economy. The potential rival of US hegemony China being the one holding a large debt only worsens the situation. The US can therefore not hope to keep China as a subordinate bearing in mind its economic situation (Haore, 2008).
The use of unilateral military power in Iraq led to distortion of its image making it to be labeled as a leading terrorist state. US hegemony is vulnerable as it has to deal with the negative image it has created making other nations view its culture with hostility. The display of violence by US has on the other hand been viewed as projection of its hegemony having brought intervention between Iraq and Afghanistan (Ikenberry 2008).
The economy and political hegemony of the US is vulnerable due to its isolation from European allies and international communities. For US to succeed there is need to employ good relations with other nations as setting itself apart only makes it harder to interact and trade. For it to establish new relations Obama may have to open a whole new chapter something that may need lost trust to be recovered. Relationship building however is something that Obama has openly aimed to achieve. It may not be easy for Obama to solve single handedly all the deep rooted problems so as to avoid US from being overthrown by the new emerging powers. He may try to recover the political and economic hegemony but nature will take course giving credit where best deserved (Watson, 2010).
China becoming a formidable global power
Being the worlds most populace country only puts China in a position to be better than the other powers. At that rate that this country is technologically advancing US may have to join and if not beat them. Notable to the entire world is the accelerated speed of new invention and innovations taking place in China everyday. It is one of the dominant states manufacturing multibillion dollar electronics and heavy industrial plants. The fact that technical and managerial skills are more needed as compared to labour is to the advantage of this world power. Investment in public work and industrialization has opened many job opportunities for the young generation leading to a rapid growth of the economy.
China has steadily been growing at a rate of 9.5%annually. IT and access to internet is another factor that has made globalization prevalent having its origin in China. China has shown an interest in the middle east which the world s largest oil producing state and Africa. Its military will have an advantage when it comes to challenging US dominance in the pacific. The young population in China is literate, graduating around 60,000 engineers and scientists annually as compared to the US which graduates fewer students. There is also rise in consumer class having the biggest base of cell phone consumers and expecting to be the best in passenger car sales. Being a permanent member of the UN also puts China in which is central if one is to successfully build the universal body and a great power (Ikenberry 2008).
Historical uniqueness implies the ability to retain ones original roots and practice so as to base it for a greater future.
Contrast the different ideological positions regarding the US
Watson in his work seems uncertain about the US power winning the battle for supremacy ahead. He is also says that the fact that US has secluded itself from other nations and prefers to work unilaterally may be a threat to its future as a power. China may be advantaged being a permanent member of the UN as it is safely guarded and has the potential to relate and interact well with other states standing a greater chance. Ikensbury on the other hand is optimistic viewing every opportunity as a chance to make better what is not there.
The fact that US have been a world power for many years will not stop China from taking over. Of importance is the peaceful agreement between the two states as conflict has been used in the past by world powers. Accepting defeat and giving room for the incoming world power should be easier said then done. Viewing the success of another state as an advantage to the world economy is the ideology that should prevail especially as we plan to welcome the new economic world power. China on the other hand should play its game diligently and avoid any intentions that may provoke the US bearing in mind that they still own a lot of money which belongs to the US government (Harman, 2006).
Taking over from US to China should not be something that causes blame and views of inferiority. Obama for instance would have done little if anything to prevent this from taking place due to many internal and external factors that come tied to government’s policies. A change is as good as rest and we should be open for the new power so as to embrace the advantages tied to it.