A Political Economy Approach
Edited by Jehoon Park, T. J. Pempel and Heungchong Kim
Chapter 11: US–China–EU ‘Grand Compromise’: In Search of a New Saviour?
Alexander Zhebin Currently we are witnessing a rapidly changing geopolitical and geoeconomic landscape of the world. The global role of the United States nowadays more than ever before can be described as that of the first among equals. Obama’s coming to power and the US current policy of ‘soft power’ can be explained by the United States’ inability to implement a project ‘Pax Americana’ by force only. Moreover, the economic crisis has seriously undermined the financial opportunities for the USA to maintain its status as the sole global player. Some experts predict, and many more fear that continuation of the old power politics would lead America to political and financial collapse. At the same time none of the other global players is ready and willing to assume the burden of the only global power because of the enormous costs of maintaining this status. Neither China nor Russia, nor the European Union (EU) are prepared for the mission. As a result, on one hand, the USA has seriously weakened its status as the last ‘superpower’ and has became more equal to other global players. Thus, America is forced to listen to the other centres of power. Therefore, the USA has delegated a substantial part of influence in decision-making at the regional level. The process must be regarded as a positive one because, as some observers argue, the present situation sharply reduces the risk of global conflict, and also significantly reduces the risks of regional destabilization, because positions of other regional players...
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