The Myth of America's Decline

From Walter Russell Mead, at the Wall Street Journal:

The United States isn't in decline, but it is in the midst of a major rebalancing. The alliances and coalitions America built in the Cold War no longer suffice for the tasks ahead. As a result, under both the George W. Bush and Barack Obama administrations, American foreign policy has been moving toward the creation of new, sometimes difficult partnerships as it retools for the tasks ahead.

From the 1970s to the start of this decade, the world was in what future historians may call the Trilateral Era. In the early '70s, Americans responded to the defeat in Vietnam and the end of the Bretton Woods era by inviting key European allies and Japan to join in the creation of a trilateral system. Western Europe, Japan and the U.S. accounted for an overwhelming proportion of the international economy in the noncommunist world. With overlapping interests on a range of issues, the trilateral powers were able to set the global agenda on some key questions.

Currency policy, the promotion of free trade, integrating the developing world into the global financial system, assisting the transition of Warsaw Pact economies into the Western World—the trilateralists had a lot to show for their efforts.

The system worked particularly well for America. Europe and Japan shared a basic commitment to the type of world order that Americans wanted, and so a more cooperative approach to key policy questions enlisted the support of rich and powerful allies for efforts that tallied pretty closely with key long-term American goals.

It is this trilateral system—rather than American power per se—that is in decline today. Western Europe and Japan were seen as rising powers in the 1970s, and the assumption was that the trilateral partnership would become more powerful and effective as time passed. Something else happened instead.

More at that top link.

PREVIOUSLY: "Robert Kagan: American Power Preserves Freedom and Prosperity."