A Japanese Perspective on Expectations for Global Leadership
A dramatic transformation of the global system is taking place as the distribution of power shifts from the advanced democracies to the emerging economies. The sharp rise of oil and food prices and continuing crises in Iraq, Afghanistan, Iran, and North Korea are steadily undermining the existing global system. The dramatic impact of recent instability in US financial markets manifests the structural changes that have occurred in the global economy. In the context of evolving multipolarity, these developments have combined with the recent decline in US global leadership to deepen uncertainty about the future of the existing international system. As the United States prepares to elect a new president, it is a good time to consider Japan's expectations for the next US administration.