While many are already talking about the notion of a shift in power from West to East, a thought-provoking book by author Martin Jacques called ‘When China rules the world’ takes this even further by proclaiming that China will not only thrive in the 21st century, but will do so at the expense of the United States.
“I would expect, and I think we’re witnessing, the beginnings of the decline of America, America as the nation that exercises economic hegemony in the world. I think that part of the present crisis actually, the origins of it lie in the inability of the United States any longer to be able to sustain and underwrite the international economic system of which it is the architect and patron. That is a deep problem. The indebtedness means it cannot do it any more – the multiple indebtedness.”
With that, he thinks China, albeit “a reluctant player”, is going to get “willy-nilly drawn into this process.” And with its current economic prowess showing no signs of slowing, some serious and profound implications will be felt.