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Have we seen a peak in Pax Americana?
Happy New Year! Welcome to a special on the idea of a perhaps we are seeing a peak in the Pax Americana. Pax Americana implies that America has become the dominant empire as Rome once was, or perhaps on a more comparable basis, as Britain used to be. In financial markets and elsewhere, the question is asked where we have entered an era of decline for the US. Conventional thoughts on Pax Americana link the decline of the British Empire with the rise of the America. I think this analysis is wrong. The decline of the British Empire saw the rise of two new empires, the US and the Soviet Union. In military terms, the ... (full story)