The goal of this chapter is to present an analytic overview of what the potential of American decline means for rising powers on a global scale. The chapter argues that while indicators suggest American power has been declining, the shape this takes and the extent to which it falters will depend upon the contingency of global politics related to overall instability in the international system. To clarify this position: First, the chapter provides a brief overview of the current state of the scholarly and policy debates on the status of American power. Second, it examines the extent to which American power is in relative decline. Here, we will cover the US’s economic struggles, decline of political leadership internationally, and military ineffectiveness, among other issues. Third, it explores the ways rising powers such as the BRICS countries and most particularly China are – or are not – providing an alternative to American global leadership. Finally, the chapter concludes by highlighting the ways through which the future of American dominance depends on both the decisions and collective actions of those in the corridors of power and from various social movements in the periphery.