Abstract
This article rejects the dominant assertion that the world will become bipolar, with the sole remaining superpower USA as the retreating pole and China as the upcoming power on the road to leading in the new world order. We counter that forecasters should not forget Europe. In its geographical borders, it is currently leading in several quantitative and qualitative dimensions such as exports, quality manufacturing, life quality, and life expectancy. If the EU joins forces with countries already affiliated or looking for closer ties, and acts in a more coordinated manner across its members, it can be a partner of the US and China on a level playing field. This fact is currently ignored by international media and analysts. The article ventures to carve out some policy changes, which could increase Europe’s leverage. The new world order will not arise in a linear way and new middle powers will exist alongside the strongest actors: China, Europe, and the US.
Highlights
Introduction and OutlineAssessing the current strength of large economic units is difficult, since well-known and standardized indicators yield different results according to which countries are aggregated, whether exchange rates or purchasing power parities are used, and whether countries pondering to enter or leave are included
We conclude that Europe plays an important role in many aspects today and can continue to do this in future if it is more self-confident and media do not focus on individual European countries
We report the share of GNI first for geographical Europe, for the EU28, the US, and China
Summary
Journal of Economics and Public Finance ISSN 2377-1038 (Print) ISSN 2377-1046 (Online).
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