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When China Rules

VIENNAFor a European these days, thinking about the future is disturbing. America is militarily overstretched, politically polarized, and financially indebted. The European Union seems on the brink of collapse, and many non-Europeans view the old continent as a retired power that can still impress the world with its good manners, but not with nerve or ambition.

Global opinion surveys over the last three years consistently indicate that many are turning their backs on the West and – with hope, fear, or both – see China as moving to center stage. As the old joke goes, optimists are learning to speak Chinese; pessimists are learning to use a Kalashnikov.