January 23, 2022

The US is still the dominant power, but will it remain the world leader?

How The U.S. And China Are Fighting For Global Power

The US is still the dominant power, but will it remain the world leader?

The US is still the dominant power, but will it remain the world leader?

The United States dominates many areas, including finance and technology, but it is unclear if the world’s largest economy will remain the leading power other countries are counting on, experts said during a debate at the Singapore summit..

Speaking on the third day at the virtual conference, they discussed whether «a world without a leader and a divided world by the new normal».

The discussion took place against the backdrop of a changing world order in which the United States, of which viewed by many as a major superpower, retreating from the international organizations they have ruled for years, while China appears to be growing stronger and challenging American dominance on multiple fronts.

One of the speakers, Ian Bremmer, President of the political risk consultancy Eurasia Group, said he sees a world without leadership for the foreseeable future.

«If there is to be genuine leadership, it must come from the United States.», – he said. He noted that the United States continues to dominate the world, with its tech companies growing stronger during the coronavirus pandemic, leading the US dollar as the primary reserve currency. and by the power of American banks.

But these strengths are also the reason the US has no interest in leadership, Bremmer said..

He added that a world without a leader would not hurt the United States the way it would hurt other countries.. «Americans will not be very interested or needful. fill this vacuum in the near future, so I believe that in the foreseeable future we will be left without a leader and split».

but Niall Ferguson, a senior fellow at the Milbank Family at the Hoover Institution at Stanford University, argued that the manifestation of leadership USA this year really was «very striking». This can be seen in the US Federal Reserve providing financial leadership during the pandemic crisis, as well as in Washington DC showing technological leadership in the campaign against Chinese tech giant Huawei, he said..

He also added that even if the United States does not become a world leader, someone else will, because the world needs a leader.

«The world has an innate need for leadership. If the US really can’t provide it anymore, someone else will. Perhaps China, perhaps – who knows – the European Union, which now seems to have its own relatively strong leadership in Berlin and Paris », – said Ferguson.

The debate also revolved around China’s rise as a world power and its attempt to fill the void of leadership left by the United States..

But the experts agreed that China is still far from a leading role in the international arena..

China itself has repeatedly stated that it is not interested in replacing the United States or exporting its ideology on a global scale, said Yan Xueton, Dean of the Institute of International Relations, Tsinghua University.

However, the US-China rivalry could force other countries to choose sides. Yang noted that countries increasingly side with China in economic matters and rely on the United States for security. He cited Singapore, Japan, Germany and France as examples of those who took this position..

Ngaire Woods, Dean of the School of Public Administration. Blavatnik University of Oxford, agreed so that countries may need «selective cooperation» either with the USA or with China.

In fact, competition between the United States and China could give smaller countries an opportunity to nudge the changes they would like to see in international bodies like the International Monetary Fund and the World Bank, said Woods, professor of global economic management..

«We have seen how all international organizations have changed and become listen to more of its members», – she said.

«In other words, for third countries of the world, small countries, the new competition between China and the USA between these organizations does not mean death and oblivion. This gives other countries the opportunity to start playing with these superpowers and bring about the changes they want in these institutions themselves.».