
High Time For A US-China Reset
From a historical perspective, both China and the United States are incongruities. Imperial China, which goes back some 2,000 years, stands out as the longest uninterrupted civilization in history, and except for a one-hundred-year-long hiatus, is reemerging as a major power.
Conversely, notwithstanding a population of some 1.4 billion inhabitants and the world's second-largest economy, its average GDP per capita of just US$26,000 puts it far below that of the average Western industrial society.
However, this does not detract from the fact that within its industrial galaxy China has peaks of excellence, which puts it on par if not ahead of its Western competitors.
Compared to China, the United States is at the other end of the spectrum. Among the family of nations, it is one of the most recent with less than 300 years as a state. Although of Anglo-Saxon descent it is, unlike China, which is 95% ethnic Han, developing into a multi-ethnic entity.
While China is an over-regulated society in terms of traditions and cultural norms, and ultimately subject to the whims of its ruling establishment, the United States is the opposite.
Unencumbered by tradition, it is essentially underregulated. And while in China the state is expected to ensure the welfare of the people, in the United States the state comes a distant second with the emphasis on the individual and civil society rather than on the governing establishment.
Last but not least, one is a one-party system in which the power establishment exercises its control literally without counterweight on the whole of society including the economy, while the other is a multi-party system based on the rule of law and centered on private property and individual initiative.
For both, coexisting with another major power while occupying its own space is not the problem. This already happened during the Cold War when the Soviet Union and the United States ran two parallel systems. And while there was some intercourse between the two, this was relatively minor as the two systems did not interrelate.

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