American and Chinese Power after the Financial Crisis

The article discusses the world dominance of the U.S. as a superpower in relation to the global financial recession of 2008-2009 and the rising influence of China in world affairs. The author reflects on a decline in U.S. soft power resulting from the poor performance of Wall Street institutions and the inadequacy of economic regulation by the government. Emphasis is given to economic interdependence among nations and economic relations between the U.S. and China. Other topics include bubble conditions in the U.S. economy, Chinese crackdowns on human rights activists, and the inability of China to exercise soft power abroad through films, mass media, and the 2008 Olympics.