This last class brought many different perspectives into the issue of the downfall of the United States, and aside from the issue of internal polarization (which was OBVIOUSLY the best argument of all...) the greatest threat to US global hegemony arises from China.
The threat posed by China isn't necessarily a military one (although they do flex their muscles on the regional level in the South China Sea), but an economic one. China has been transitioning away from an economy focused on manufacturing towards one based on innovation. Admittedly, the success in this venture has yet to be seen, but growing optimism at the potential of emerging tech scenes in Shenzhen and Beijing has made venture capitialists invest in China's technology at a growing rate. If China was able to foster this economic development, it could seek to challenage the US as the technologic hub of the world.
Historically, China's aspirations have been regional rather than global, but Premier Xi Jinping has more international goals than his predicessors. Unlike the American way of projecting power and asserting dominance, China doesn't expect other countries to adapt their system of governance or way of life (regionally thats a different story, but this is in the global conversation). Rather, they simply expect ownership over critical infrastructure within countries and to have a say in their local politics, like in Djibouti for example. This affords China the ability to manipulate states without having any moral obligation to favor one state over the other. China's ambitions have shifted to the global arena, and with their view on hegemony they won't have as many moral constraints to hold them back as did the liberal US hegemony.
I agree that the biggest threat from China is economic rather than military. Perhaps our own economic decisions are opening more doors than ever for China to step into the role of global economic hegemon. Regarding China’s economy, the phrase I keep coming across is that they are moving “further towards becoming a consumer economy” which seems to fit with your assertion. While foreign direct investments in the US are dropping off, investments in China only seem to build. I thought the China argument team did a great job of pointing out that the US is reacting to the present while China is building for the future which could, economically, put them ahead of the US in the not so distant future.
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