As China rises, the popular wisdom is that the US is in inexorable relative economic decline. A rapid loss of US power would affect the national-security interests of its close allies, particularly the UK. However, Doug Stokes argues that America's decline is not as pronounced as is commonly assumed. Even after the crisis, it remains, fundamentally, economically sound and its strategic power in important parts of the world means it retains the tools to manage a potential 'hegemonic transition'. Nonetheless, the financial crisis has quickened structural shifts in transatlantic relations, which will inevitably have an impact on European strategy.
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