ABSTRACT
The twenty-first century global landscape is that of a multipolar, multi-currency world. The United States, Europe, and Japan rode the previous wave of globalization during 1980–2000, but their lead in manufacturing, trade, finance, and international politics has been slipping. This shift is largest for the United States, the erstwhile hegemon and driver of the world economy. All advanced countries have become postindustrial economies that face increasing competition in the maelstrom of accelerated globalization, but only in the American case has this been combined with a mammoth trade deficit and foreign debt.
