Earlier this year, the global economy experienced an important milestone that, though it went largely unnoticed, scholars may look back on as a marker of the beginning of a new era, with economic but also geopolitical significance: For the first four months of 2023, Mexico surpassed China as the top trade partner of the United States.
With China’s economy slowing rapidly, many analysts around the world worry that a continued contraction in Chinese growth could potentially have an adverse global impact. Without China acting as the global engine of growth, they say, growth around the world could stall. But the story is more complicated than that.
Is Washington’s post-Cold War “unipolar moment” over? Some claim that multipolarity has been with us for some time. Others are not so sure, pointing to the United States’ continued economic and military dominance. But even if the U.S. remains the world’s predominant power, it may still well exist in a multipolar world.
