With slowing growth in the BRICS and the underwhelming recovery in the U.S., many nations around the world are looking to free trade. Australia, among others, has been negotiating agreements with Asia, forming the Trans-Pacific Partnership.
The global financial crisis reignited the debate of continued US hegemony, particularly when countries like China are experiencing long periods of strong economic growth. Interestingly, the Global Language Monitor found that the “Rise of China” is the “most read-about news story of the 21st century,” even surpassing the September 11 terrorist attacks, the Iraq War, the election of Barack Obama, and the British royal wedding. After all, China’s economy is growing at 9%, while the US “reels from economic recession, costly wars in Iraq and Afghanistan, and massive budget deficits.” (Beckley, 2011)