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The article discusses the bipolar international system involving the U.S. and China in terms of international relations, nature and effectiveness of global governance and economic interaction among the superpowers and smaller states. Topics include how U.S. and China bipolarity will differ from the U.S. and Soviet Union bipolarity, what U.S. and China bipolarity will mean for the U.S. and its key European and Asian allies, and the alliance security dilemma dynamics that the U.S. will have to face when it comes allies who face a security threat from China.

The article presents a discussion of the concept of U.S. power and influence in international affairs often referred to as "the American Century," adapted from the book "Is the American Century Over?" by Joseph S. Nye. It argues that while the American century had not concluded by the early 21st century, the role of the U.S. in international affairs was in significant transition. It discusses the concepts of the mythology of U.S. hegemony, global world order, and the appearance of U.S. preeminence in economic and military power resources during the Cold War with the Soviet Union.