The unipolar exit: beyond the Pax Americana

In this article I show that the unipolar era already is drawing to a close. Three main drivers explain the impending end of the Pax Americana. First, the rise of new great powers—especially China—is transforming the international system from unipolarity to multipolarity. Second, the United States is becoming the poster child for strategic over-extension, or as Paul Kennedy dubbed it, imperial overstretch. Third, the United States' relative economic power is declining, and mounting US fiscal problems and the dollar's increasingly problematic role as the international financial system's reserve currency are undermining US hegemony. After examining how these trends undermine the argument for ‘unipolar stability’, I conclude by arguing that over the next two decades the Pax Americana's end presages dramatic changes in international politics.