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The article discusses the decreasing global value of the U.S. dollar as of 2013 and its potential impact on the United States' international political power. The author begins by explaining the impact of the 2007-08 global financial crisis on the liberal U.S. financial system, and goes on to examine a change in the international balance of power that favors China, as evidenced by its economic development and import growth. Other topics addressed include the International Monetary Fund (IMF), the internationalization of the Chinese Yuan currency, and the decline of the U.S. liberal capitalist culture.

What is the realist position on how to deal with the rise of China? One prominent realist approach, associated with John Mearsheimer, calls for the US to do whatever it can to slow China’s rise. However, while this is a realist perspective, it is not the realist perspective. In particular, realist approaches that derive from a classical foundation suggest policies fundamentally different from those favored by Mearsheimer. This article argues that realism should return to some of its classical traditions. It reviews why, from a classical realist perspective, the rise of China must be viewed with alarm, but argues that Mearsheimer’s approach — offensive realism — is wrong, and dangerous. Many of these errors are rooted in structuralism; a classical realist approach, which allows for the influence of history and politics, provides greater analytical purchase and wiser policy prescriptions than offensive realism. [ABSTRACT FROM PUBLISHER]