Opinion: Seeking A New Balance In The Global Economy
NDTV
It has become a cliche to suggest that the world is at an inflection point. Shifting global balance of power is often identified as the key variable driving this change. A perceptible inward orientation in the US foreign policy outlook, complemented by a rising and aggressive China, is resulting in some fundamental reordering of the international architecture.
The rise and fall of great powers continues to be one of the most significant causes of changes in the global order. A rising China is defining its interests in more expansive terms and is demanding a greater voice in international outcomes. A relatively weaker US is pushing back to retain its own space in the inter-state hierarchy. This back-and-forth is reshaping the way foreign policies of various nations are being conducted and operationalised.
The rise of China, for one, has been a persistent theme of the past two decades. But, it was the failure of the international order in the recent years to respond to China's rise that has made many of today's challenges more palpable. After years of living in denial about the China problem, major powers today appear ready to take the issue head-on.
