Power is an interesting word and according to the online dictionary Merriam-Webster means possession of control, authority, or influence over others.
Today there is a lot of power in the hands of the few. When it comes to financial wealth half of the world’s net wealth belongs to the top one per cent. The top 10pc of adults hold 85pc, while the bottom 90pc hold the remaining 15pc of the world’s total wealth.
But power is not just about wealth. There is no doubt that the USA is by far the most powerful country when it comes to financial muscle. The US dollar is considered the world’s dominant reserve currency.
America is also the largest military power across the globe but more recently China has become a more important military power and has become a military superpower in Asia.
When it comes to new technology again America has led the way globally and American companies have become the dominant players such as Alphabet (Google), Apple, Amazon, Facebook, Twitter, etc. Led by Netflix the move towards streaming has resulted in mainly US companies investing at least $650 billion on acquisitions in the last five years.
Cyber terrorism or attacks are a new phenomena particularly when it comes to democratic elections. It seems that Russia is becoming a global power in this area. As we all know there has been the ongoing debate about Russian involvement with regards to the election of Donald Trump as president.
In the Middle East Iran has been involved in other countries around them in one way or another and they are determined to bring about change that would benefit them. This influence has spread from the Mediterranean across the region to the Indian Ocean but already their influence is waning.
I believe it is correct to say that the USA as a global power is in many ways comparable to past empires but with one major difference. The power that America wields today does not require the colonising of other countries in same way previous empires conducted themselves.
In the past empires were maintained through military might and naval power was one of the key components to maintaining colonial outposts far from the home of the empire. Keeping sea lanes open and providing the necessary security required to maintain a far-flung empire was, and still is, an expensive business.
The United States Navy today comprises seven fleets consisting of around 430 ships in active service or reserve. The fleet include 10 aircraft carriers and nine amphibious assault ships that would be considered aircraft carriers in other navies. In order to keep the US military machine in business requires around $3bn per day. They spend the same as the next eight big spending countries.
When it comes to economic and military power no other country comes close to the US. They stand out to many around the world as the country their own nation can rely on most, according to a new Pew Research Centre survey. At the same time, substantial shares of people in some countries also perceive Washington as their greatest threat.
As we all know empires come and go and the American empire is already in decline and we’re not ready for what comes next.
- Gordon is the former president and chief executive of BMMI. He can be reached at gordonboyle@hotmail.com