January 29, 2009
The international economic crisis of 2008-2009 will have lasting impact on world affairs, including the balance of power and influence in Asia. At this initial stage in examining the fallout from the crisis, we are in a poor position to offer definitive assessment of its overall consequences. Nonetheless, commentators and specialists venture forth with predictions. In particular, following past practice, self- identified “declinists” like Paul Kennedy and other commentators have forecast an Asian and world order with U.S. power and influence in decline, replaced by others, most notably a rising China.