Is it time to recognize a Chinese equivalent of the Monroe Doctrine in East Asia--accepting that China is now the pre-eminent regional power? There are essential caveats to such a dramatic policy shift. At a minimum, Beijing would need to embrace not only the original logic of the Monroe Doctrine, but also the so-called Roosevelt Corollary. The latter, adopted during Theodore Roosevelt's administration, promised Britain and the other European powers that the United States would maintain order in the Western Hemisphere and discipline irresponsible governments in the region - especially North Korea.
The West does indeed face a high risk of becoming overstretched. But what is the alternative, other than accelerating chaos, mushrooming security risks and serial humanitarian disasters? For the West, this dilemma cannot be avoided. Today's accumulating crises, accompanied by America's strategic fatigue, are forcing Europe to define what role it will play in the future of Western -- and global -- stability. If the U.S. can no longer bear the burden of Pax Americana, Europe must do more for collective security.
Over the centuries, a rich China invariably brought prosperity to all of East and Southeast Asia. Therefore, while Asian countries might value the U.S. as a friend, no one wants China as an enemy. There is a spot that is sweet for everyone. If the U.S. moves closer to China and to other countries of Asia, all will benefit. If the U.S., in response to China's rise, moves too close to some as a move against others, everyone is caught in a lose-lose situation.