China Or U.S.-Who Rules The 21st Century ?

BANGALORE: Nobel Prize winner economist Joseph Stiglitz predicts China would be 'China's Century, after U.S. who claimed as the world’s largest economic power till 2014.
The concept of global power cannot be determined on the basis of history that it was— Britain in the 19^th century and Americans in the 20^th century. It is the change in dynamics of global power equations that needs to be carefully analyzed to predict the one nation that may hit the goal in this century.
In the 21^st century, with ‘emerging economies’, global prosperity and power has diversified. At this scenario, two names that are being considered to be the next global power are – U.S. and China.
Who can win the battle? Here’s a report.
China is set to overtake the U.S. in Purchasing Power Parity (PPP) terms. PPP means, the amount of adjustment needed on the exchange rate between countries in order for the exchange to be equivalent to each currency's purchasing power. But does China really have one of the P’s-power?
U.S. dominated the last era in politics with its allies. China has a long way to go to attain that kind of military power and global political influence. Six of top ten defence spenders, are U.S. allies and India and Russia stand as independent powers. Even if China ties up with Russia, it cannot ever stand as powerful as U.S. along with her allies.
China is the world's biggest manufacturer and trading power. But to retain that position China needs to maintain cordial relations with almost all the top 10 military powers which are also its major markets. U.S. is an ally of six of these military powers and has been maintaining cordial terms ever since the cold war period. Thus., U.S. takes over China at this point.
Keeping all respect for Stiglitz, he had slightly framed it wrong. China can only be a major competitor in the battle of global economic power.

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