America's 'Power of Attraction'

Many have speculated that the (relative) decline in U.S. GDP compared with rising Asia (only partly offset by the recent inclusion of new investment indicators in GDP measures) could inaugurate a new era of global uncertainty and instability. These critics have correctly pointed out that rising countries frequently get into conflict with established hegemonic powers as Germany did with Britain in 1914 and as Russia did for a considerable time with America after 1950. Harvard’s Joseph Nye and others have countered that America’s “soft power” partly mitigates this decline. A country’s “soft power” offered a global example of effectiveness in its society, democracy, or culture which other countries might be tempted to emulate.

More important, however, is the political and economic attraction which flows from America’s soft power as well as from trade arrangements the U.S. is consummating with Europe and Asia.