American declinism and the impact of petro-socialism

Irrespective of self-inflicted setbacks, the United States is and will be the ‘indispensable nation’ for the foreseeable future – not merely as the world's largest market, military power and source of technological innovation but also as trendsetter. Doubtless, the United States has fallen back during the G.W. Bush presidency – preoccupied with events in Iraq and an economic slowdown and financial crisis that are now reflected in waning neo-conservative influence. In this policy vacuum, Chávez of Venezuela is building a regional coalition critical of the ‘Washington consensus’ and traditional US hegemony, and he is backed by abundant oil supplies. Petro-socialism needs examination. Meanwhile Barack Obama speaks of change, implying a more consensual foreign policy of rebuilding alliances and opening doors long closed.