It’s No Longer the ‘American Century,’ But the US Continues to Dominate in Important Ways

After a New York newspaper reported Mark Twain’s demise in 1897, the renowned (and very much still alive) author notified the paper, “The report of my death was an exaggeration.” If given the opportunity, Uncle Sam might offer the same retort. 

In the decades between the bombing of Pearl Harbor and the Great Recession, American manufacturing, commerce, culture, defense strategy and foreign policy dominated the globe. Now many geopolitical analysts say the so-called “American Century”—labeled as such by media magnate Henry Luce back in 1941 but even more applicable to the subsequent century—is nearing  the end of the line.

True, the rise of China as an economic and military power and the dramatic U.S. retreat from international commitments lend credence to this forecast. But there are many essential areas, beyond our military preeminence, in which U.S. global leadership continues and should for years to come. Let’s look at some of the most relevant.

Reserve Currency and Capital Markets

Start with the most obvious: With U.S. GDP exceeding $30 trillion (runner-up China’s is $19 trillion) and American personal consumption expenditures of $20 trillion (the EU’s is $10 trillion), the U.S. is easily the world’s largest economy, which is why the U.S. dollar maintains its status as the world’s primary reserve currency, underpinning global trade and investment.

Even when economic downturns and war undermine consumer confidence, no other currency is comparable in terms of security. Complementing that, the U.S. stock market accounts for approximately half of total global equity market capitalization, with total U.S. equities valued at nearly $70 trillion – five times the size of the second-largest market, China.

Manufacturing

While the United States was the world’s largest manufacturer for the entire 20th century, in 2010 China’s shop floors eclipsed the U.S. in added value, with about 30% of global output deriving from that country today. Still, the U.S. remains the global leader in high-value, precision-engineered manufacturing, dominating specific industries that require intense R&D, advanced IP and highly skilled labor.

For example, the U.S. is the global leader in the production of commercial aircraft, jet engines and advanced defense systems. Today, aircraft and parts exports are estimated at $144.3 billion in value. The U.S. is also the global leader for brand-name pharmaceuticals and biotech innovation, with pharma exports expected to reach nearly $100 billion this year.

In the semiconductor space, while consumer electronics assembly has primarily moved to Asia, American manufacturing still leads in core technology and precision equipment needed to manufacture chips.

Finally, the country’s 15,000 chemical manufacturers create the world’s lowest-cost and most carbon-efficient chemicals, valued at more than $350 billion each year. 

Energy Production

The energy-dependent days of the late 20th century are far behind us—the United States became a net total energy exporter in 2019, for the first time in more than six decades. While China may be the largest producer of total primary energy, the U.S. remains the undisputed global leader in three specific key energy sectors.

First, with its shale oil revolution of almost 20 years ago, the U.S. is now the world leader in crude oil production, pumping out 24 million barrels per day of oil and liquid fuels. 

Similarly, the advent of shale exploration has made the U.S. the world’s largest producer of natural gas, a position it has held since 2009. 

Finally, the U.S. remains the world's leading producer of nuclear energy by total generation with 94 nuclear reactors across the U.S.—providing nearly 20% of the country’s total electricity. And as nuclear plants are GHG free, current federal plans include tripling capacity by 2050.

Technological Innovation & AI

As with so many other areas, the race for AI and digital dominance is between the U.S. and China. And we still hold the lead, especially in generative AI infrastructure, cloud computing and semiconductor design. According to Stanford University’s 2025 AI Index Report, private AI investment in the United States is now more than $110 billion (compared to China’s $10 billion); we lead in frontier modeling (with 40 models versus 15 for China); and while China has a massive talent pipeline, two-thirds of migrating talent in this space is coming here, not China.

Education & Research

While a college education is more expensive than ever before, the American university system remains the top destination for international students, attracting more than a million such students each year. American universities are intellectual powerhouses—historically, about 40% of all Nobel Prizes have gone to Americans, with 80% of those working in U.S. universities at the time of their research. With massive funding and high-quality infrastructure, this country is home to a majority of the world’s top research institutions, including roughly half the world’s top 50 universities, offering the greatest variety of curricula offered at public and private four-year institutions.

The inexorable march of history ensures that civilizations riding the crest of one era will inevitably be succeeded by newer civilizations. While the United States cannot not ride that crest forever, we are still a long way from being supplanted.