After World War II, the United States was the world’s dominant economic power. We’re still the largest economy, but the rest of the world has caught up significantly. In some areas, we’ve lost the lead. The production of consumer electronic equipment, for example, is largely done in the Far East. Is this trend good or bad for Americans? Explain.
The economic rise of the Far East countries in the 21st century in the global economic market has been one of the greatest concerns for many Superpower countries like America. The biggest trending controversy has been whether America will be able to retain its superpower title in the coming decades. The high rate of economic growth in the Far East countries like Japan and China has been so alarming. Apparently, China's economic strategies have tremendously hastened the growth of its economy and influence all over the world. Equally, these countries have developed good diplomatic relationships with countries across all continents thereby expanding the markets for their products.
With all these strategic economic goals by the East Asia countries, America may lose its title in the coming era. Its monopolistic dominance in the international market may come to an end too. The Western-oriented countries may equally face the same fate since it is of no doubt that the extraordinary and increasing economic growth witnessed from East will automatically replace the West. For instance, as China has been continuing to be powerful economically, America’s economy, on the other hand, has been eroding. Therefore, China may use its advantageous position to reshape the international regulations to suit its economic interests and become a superpower nation. If by any chance China successes in this mission, then America and other western nations will be on danger since China will not only be an economic threat but also a growing security threat. Thus the growth of the Far East countries is not good for America since tension, conflicts, lack of trust and transition of power may be the ultimate result of these economic growths.
Ikenberry, G. J. (2008). The rise of China and the future of the West-Can the liberal system survive. Foreign Aff., 87, 23.
by EssayRoyal, Dec. 7, 2019, 7:37 p.m.