International politics for most of the past quarter century was relatively straightforward. The United States reigned supreme, with no other nation coming even close economically or militarily. Under its aegis, globalisation flourished, and conflicts were relatively confined in scope. Politics seemed to have become secondary.

While globalisation is still alive, the prognosis is not favourable. In addition, China’s re-emergence means that for the first time since the end of the Cold War, the U.S. has to contend with another player in its league. China now has the world’s largest economy and its third-most capable military. If it grows much further – admittedly not a foregone conclusion – it may replace the U.S. as the world’s predominant power.

What does this new landscape of two major powers mean for the future of world politics? In particular, are China and the U.S. likely to rub along, albeit with some friction? Or is there a risk of major conflict or even war?