Economic security

Economic Might, National Security, and the Future of American Statecraft

The COVID-19 crisis and the resulting economic devastation have fueled already growing concerns about the state of the U.S.-led world order.1 For the past decade, public figures have raised concerns about the rise of China,2 the erosion of the American dream,3 the perceived failures of American leadership,4 and America’s relative loss of power.5 Now, suffering through a tragic international crisis, it is only natural that people might wonder what the future holds. Whether one agrees with these concerns or not, it is undeniable that many Americans are uneasy about their country’s future.6
The reality of American power is complicated. By most measures, the United States still enjoys preeminence: It maintains the world’s most powerful military and is the global leader in technological development and innovation.7 It possesses unrivaled structural power, due both to its reserve currency and to America’s role in having shaped the principles of the global order and of international institutions.8 Its network of like-minded allies and partners has endowed it with a unique ability to influence international affairs.9 And a vibrant, strong economy has sustained the growth of American power,10 helped along by America’s unique political values and culture, and its standing as a symbol of democracy for the world.11