China has achieved its tremendous record of growth despite refusing to emulate the core institutions of a market economy, and its power conversion capability is beyond doubt. They raise questions about the presumed link between American values and economic performance. Both observations entail important messages concerning the prospects for America to remain ahead. ![]() Yet, the growth of the Middle Kingdom over the last three decades has been spectacular, while America has been in the process of relative decline. The role of valuesĪmerica remains more powerful than China. But will it last? The key to answering this crucial question lies in what the American political scientist Joseph Nye refers to as “ power conversion capability,” defined as the ability of a country to transform resources into power and influence. ![]() Since its entry into World War II in 1941, America has certainly had a good run. Under American hegemony, democracy and other American ideals would “do their mysterious work of lifting the life of mankind from the level of the beasts to what the psalmist called a little lower than the angels.” In a February 1941 editorial in “Life Magazine,” captioned “The American Century,” he made a strong plea for America to assume the role of a Good Samaritan for the world. The American magazine magnate Henry Luce provided an eloquent formulation of the missionary role of the U.S. Democracy promoters have since been hard at work seeking to spread American values worldwide. In his January 11, 1989, farewell speech, President Ronald Reagan (1981-1989) exulted in America as a beacon of freedom for all. These propositions have become hardwired into American self-imagery, and the imagery of America in many other countries. American values have also been associated with superior performance characteristics, ensuring that America will remain ahead of the competition. American superiority is defined not only in moral terms. And in that battle, the thinking goes, the U.S. ![]() To many Americans, this will be construed as a battle of values. With Russia out of the superpower game, the United States will be faced instead with the challenge of standing up to China. Adam Smith: The “prevalence of injustice’’ destroys societies.A high-performing society requires the triumph of the public good.The erosion of America’s social fabric threatens its global standing.
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