The weathervanes of conventional wisdom are registering another round of angst about America in decline. New theories, old slogans: Imperial overstretch. The Asian awakening. The post-American world. Inexorable forces beyond our control bringing the inevitable humbling of the world hegemon.
On the other side of this debate are a few–notably Josef Joffe in a recent essay in Foreign Affairs–who resist the current fashion and insist that America remains the indispensable power. They note that declinist predictions are cyclical, that the rise of China (and perhaps India) are just the current version of the Japan panic of the late 1980s or of the earlier pessimism best captured by Jean-François Revel’s How Democracies Perish.