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23. Drifting apart? The emerging end of the transatlantic partnership  

Stephen M. Walt

This chapter examines the transatlantic partnership between Europe and the United States. It first considers US strategic interests and how they are now changing, along with the implications of this shift for US foreign and defence policy priorities. It then describes some of the fundamental challenges faced by the European Union, including over-expansion, the demise of the Warsaw Pact, the euro crisis, a deteriorating regional environment, the persistence of nationalism, and the refugee crisis. It argues that these challenges threaten the liberal order that is one of the West’s most salient achievements, raise serious questions about the EU’s long-term future, and make Europe a less reliable and valuable partner for the United States. The chapter concludes with an assessment of possible prospects for the US-Europe relations, including the (slim) possibility of a genuine renewal in transatlantic ties.

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18. Global economy  

Peter Gowan and Doug Stokes

This chapter examines some of the central debates on how we should understand the United States’ efforts to reshape international economic relations since the 1940s. It first considers debates on the sources and mechanisms of American economic strategy before turning to debates about the substance of American efforts to shape the global economy. It approaches the debates about the substance of U.S. foreign economic policy since 1945 by classifying varying perspectives on this question in three alternative images. The first such image is that of America as the promoter of a cooperative, multilateral order in international economics. The second image is that of an American economic nationalism and the third is that of an American empire. The chapter goes on to analyse the global financial crisis and concludes with an overview of some of the main current debates about the strength of American capitalism in the world economy.

Book

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Edited by Michael Cox and Doug Stokes

U.S. Foreign Policy provides a comprehensive overview of the United States’s role in international politics. Chapters focus in turn on the historical background, institutions, regional relations, and contemporary issues that are key to the superpower’s foreign policy making. The second edition includes two new chapters on Barack Obama’s use of smart power and a debate on the nature of U.S. hegemony. All chapters have been updated with important developments including the effects of the global financial crisis, the on-going conflict in Afghanistan, and political uprisings in the Middle East.