The U.S- China “Rivalry”: The Impact of the Rapid Economic Growth of China on the American Hegemony Status

Abstract

General Conclusion America has been leading the world economy and setting financial platforms since 1990’s. For a very prolonged time, the US economy has been on the rise. However, the expansion will be definitely defeated as the U.S. is stumbling into its longest recorded continuous growth period. Unlike any previous times, the American economic pace is slowly and gradually crawling, forwarding its economic power to its hard times that may end in decline after it took long years to recover its economy and reemerge its wealth and clout in the years following the Great Depression and the financial recession recently in 2008. America is leading a severe decrease in its economic privileges amid growing uncertainty and trade wars. Almost half of chief financial officers, 48%, are surveying coming waves of recession are already vibrating the American basic props of its economic worldwide primacy by the mid 2020, according to the Duke University/CFO Global Business Outlook survey. While 69% are predicting the recession to be by the year of 2021. "It looks likely that an economic recession is on the horizon for 2020," John Graham, finance professor at Duke University, said in a video statement. (Min 2019) Parallel to the American economic decrease, China is accelerating through a high pace of economic growth planting its influence to cover the entire world and gain more recognition. China is leading intensive reforms to achieve larger economic gains with a robust and loud range of worldwide investments and deals that intensify its impact globally. The U.S. economy has enormously outperformed expectations in decrease and slow recovery so far, as China in the rapid rise. As a consequence to the large contradiction in rise and decrease, misperception are raising between the two nations. The misperception conducted rising tensions and extracted fear. As a reaction to the situations, high set tit-fortat tariffs, restrictions and sanction were taken by both the U.S. and China. America fears more the Chinese expansion and clout to go beyond further levels in the world. By which Benaros 63 the American authorities and primacy would diminish to be devoted instead to China. However, the U.S. economic domination is still imposed since its dollar is the dominant currency of worldwide transaction and the trading interaction. On the one hand, According to graham Allison, the conditions between China and the U.S. are sufficiently convenient to the concept of rise and fear, the Thucydides Trap Theory. The U.S.-China case is expected to be the seventeenth after 16 cases are already done. According to Graham Allison who says: “Unless Chine is willing to moderates its ambitions, or Washington can agree to share primacy in the pacific, a trade conflict, cyber attack, or accident at sea could be the spark that ignites a major war,” if the two nations don not show understanding and cooperation, the world will lead a special war of its types. On the other hand, as G. John Ikenberry acclaims, the rise of China is on the right path to definitely end the unipolarity status of The United States. The world, in the soon times, will lead a diffusion of powers by which the power control will be moving from one center from all state, the West, to nonstate actors to end up finally and openly to a multilateral system that includes them both as the world top controlling authorities.