Competing Compasses in the Post-Cold War Era

Thirty years after the end of the Cold War, transtlantic relations are entering another era, yet without a name and without much consensus about what to expect. The post-Cold War era began with a great deal of hubris on both sides of the Atlantic with labels like the "end of history," but now it seems to be ending with more sober approaches to the next chapter of challenges to global security. What will be the description of the post post-Cold War period? Some have a suggested a few: The Era of Illusions, The Age of Anxiety, The Return of Realism. Whatever the name, the environment of this era will be shaped by forces we know but also don't yet know.

Following World War II, the United States held sway over the globe as the most powerful country in the world, producing over half of the world's GDP and possessing the only nuclear weapon capability until the Soviet Union established itself as a nuclear power. Today the U.S. makes up less than 20 percent of global GDP, is no longer uncontested militarily, and is challenged by alternative political approaches.