The result of the clash of the American political giants will reverberate around the globe for decades
The world is watching the US presidential election closely as it will have significant implications for global governance. President Joe Biden and former leader Donald Trump have very different views on how the world order should be governed and how the US should respond to its relative decline.
Biden wants to restore unipolarity with ideological economic and military blocs, strengthening the loyalty of allies and marginalizing adversaries. Trump has a more pragmatic approach. He believes the alliance system is too costly and limits diplomatic room for maneuver.
Since World War II, the US has enjoyed a privileged position in the key institutions of global governance. The Bretton Woods format and NATO ensured its economic and military dominance within the West. After the collapse of the Soviet Union, the Americans sought to extend their liberal hegemony around the globe.
They developed a security strategy based on global superiority and an expanded NATO. Washington assumed that its dominance would mitigate international anarchy and great power rivalry, and that liberal trade agreements would strengthen the US’ position at the top of global value chains. The replacement of international law with a ‘rules-based international order’ – in effect, sovereign inequality – was supposed to promote American hegemony and enhance the role of liberal democratic values.
However, unipolarity has proven to be a temporary phenomenon because it depends on the absence of rivals and values are devalued as instruments of power politics. The US has predictably exhausted its resources and the legitimacy of its hegemony, and competing powers have collectively counterbalanced Washington’s hegemonic ambitions by diversifying economic relations, staging retaliatory military operations, and developing new regional institutions of global governance.
The Cold War was a unique period in history because the West’s communist adversaries were largely disconnected from international markets, and military confrontation strengthened alliance solidarity to the extent that it mitigated economic rivalry between the capitalist allies. After the Cold War, however, the former communist powers, China and Russia, gained experience in managing economic processes, and submission to the US-led economic path lost its value for them.
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