"The transfer of global wealth and economic power now underway—roughly from West to East—is without precedent in modern history."

Fareed Zakaria write in his Newsweek article "Wanted: A New Grand Strategy" (here):

...Any attempt at a grand strategy for today must also begin with an accurate appraisal of the world. For that, the Obama administration should study the National Intelligence Council's newly published forecast, "Global Trends 2025: A Transformed World." "The international system—as constructed following the Second World War—will be almost unrecognizable by 2025," the document says, owing to the rise of emerging nations, a globalizing economy and a dramatic power shift. "In terms of size, speed and directional flow, the transfer of global wealth and economic power now underway—roughly from West to East—is without precedent in modern history." Some have seized on the fact that emerging markets are slumping to argue that the era of Western dominance isn't over yet. But the rise of the non-Western world—which began with Japan in the 1950s, then continued with the Asian tigers in the 1960s, China in the 1980s and India and Brazil in the 1990s—is a broad and deep trend that is likely to endure.

For some countries, the current economic crisis could actually accelerate the process. For the past two decades, for example, China has grown at approximately 9 percent a year and the United States at 3 percent. For the next few years, American growth will likely be 1 percent and China's, by the most conservative estimates, 5 percent. So, China was growing three times as fast as the United States but will now grow five times as fast, which only brings closer the date when the Chinese economy will equal in size that of the United States. Then contrast China's enormous surplus reserves to America's massive debt burden: the picture does not suggest a return to American unipolarity...

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