The debate about contemporary geopolitics, and American grand strategy, is shaped by two competing narratives: unipolar stability vs. rising China. The unipolar stability narrative holds that the distribution of power in the international system remains unipolar, and will remain so for a very long time.1 The rising China narrative holds that American power is in relative decline, and that the primary reason for this is China’s ascent.2 By some metrics, China has vaulted over the U.S. to become the world’s largest economy. In 2014, for example, the International Monetary Fund announced that, measured by purchasing power parity (PPP), China’s GDP had surpassed that of the United States.3 Many analysts expect that, even in terms of the market exchange rate (MER), China’s GDP will overtake America’s in a few years’ time.4 Viewing this trend line, some scholars have warned that the U.S. and China are locked in a power transition dynamic, which could lead to a war between them in the coming decades.5

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