After the collapse of the USSR, American global pre-eminence rose to unprecedented heights. Although less dominant than during the 1950s, its impact was magnified by the suicide of its main competing ideology--communism. As a result, even skeptics of capitalism suddenly found themselves bereft on any plausible alternative.

This idyll came to an end in 2008. Since then a global consensus on the need to "democratize" international relations has emerged. Among its demands--developing alternative reserve currencies, diversifying economic resources, increasing reliance on domestic production, and strengthening the role of the United Nations in conflict resolution. All of these strike directly at the heart of American hegemony.

In this section I discuss the new multilateralism and, in particular, the strategic alliance between China and Russia which, in my estimation, will prove decisive for the future.

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