Gideon Rachman writes: Whether he wins or loses the US presidency next November, Donald Trump has already come up with one of the defining slogans of 2016 – “Make America great again”.
Trump’s vision of an America in precipitous decline is all-encompassing. At home, he points to falling living standards for many Americans and the disappearance of well-paid manufacturing jobs. Overseas, he claims the world is laughing at the US and laments that “we don’t win any more”.
Many in Europe are tempted to see Trump as an “only in America” aberration. Yet the fear of economic and geopolitical decline that Trump is capitalising upon is widely visible across the west. The coalition of frustrated working-class voters and nostalgic nationalists that the Republican has put together is uncomfortably reminiscent of the alliance that voted for Brexit in the UK. Trump’s “make America great again” mantra has an echo of the Brexit campaign’s winning slogan – “Take back control”. Nor is this is just an Anglo-American phenomenon. Across the EU, including in France, the Netherlands, Italy and Poland, protectionists and nationalists are gaining ground.
As Trump might put it: “Something’s going on.” That something is a historic shift in economic and geopolitical power that is bringing to an end a 500-year period in which western nations have dominated global affairs. This erosion of the west’s privileged position in world affairs is creating new economic, geopolitical and even psychological pressures in both the US and the EU.
The driving force of this change is the extraordinary economic development of Asia over the past 50 years. In 2014, the IMF reported that, measured in purchasing power, China is now the world’s largest economy. The US had held this title since 1871, when it displaced the UK; now China is number one. The rise of China is just part of a broader shift of economic power towards Asia. The IMF reports that three of the world’s four largest economies are now in Asia. China is first, the US is second, India third and Japan fourth. [Continue reading…]