"The United States is no longer THE hegemon."

How the next U.S. president should cooperate globally. [ESSAY]( [Play by the Rules]( [By Joseph E. Stiglitz, a Nobel laureate in economics and a professor at Columbia University.]( Nicolás Ortega Illustration for Foreign Policy Featured in our [Fall 2024 magazine](, Joseph E. Stiglitz cautions the next U.S. president against relying on old habits, especially when global cooperation is needed more than ever. Continue on for a preview, and [join FP]( to unlock the full issue, daily reports, in-depth newsletters, and the expert insights you need to keep up with the polls. [JOIN TODAY](   Dear Madam or Mr. President, The United States has in recent years made a major U-turn. After decades of telling other countries that they should not undertake industrial policies, our country under President Joe Biden enacted two massive bills: the Chips and Science Act, to promote U.S. production of a crucial component of any 21st-century economy; and the Inflation Reduction Act (IRA), which, in spite of its name, was really about the country beginning its green transition and capturing, for itself, more green jobs. The scale of the acts is enormous—for Chips and Science, some quarter of a trillion dollars, and the IRA, originally estimated at one-third of a trillion dollars, is now thought to be in the order of $1 trillion to $1.5 trillion. The acts are having one desired effect: The called-for investments seem to be occurring, in some cases on a very large scale. Of course, Washington has always pursued industrial policies, but they were typically hidden, often in the Defense Department. What is really new is that the United States has brought them out into the open... [KEEP READING](   Polls, Predictions, and Perspectives. [Get elections coverage you won't find elsewhere.](   [Explore the Fall 2024 Magazine]( [Invest in Soft Power]( [When you are attractive, you can economize on sticks and carrots.]( [By Joseph S. Nye Jr., a distinguished service professor emeritus of Harvard University]( [Muster Global Majorities]( [A closing U.S. trade system is hastening the decline of its global leadership.]( [By Mark Malloch-Brown, a former deputy secretary-general of the United Nations]( [Strategic Autonomy Is Nothing To Fear]( [India's rise as a new pole of power does not endanger its indispensable relationship with the U.S.]( [By Nirupama Rao, a former Indian foreign secretary and ambassador to the United States and to China]( [Why America Should Drop Its Obsession With Being No. 1]( [A letter from Singapore to the next U.S. president.]( [By Danny Quah, dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore]( [Invest in Soft Power]( [When you are attractive, you can economize on sticks and carrots.]( [By Joseph S. Nye Jr., a distinguished service professor emeritus of Harvard University]( //link.foreignpolicy.com/click/36828021.233250/aHR0cHM6Ly9mb3JlaWducG9saWN5LmNvbS8yMDI0LzA5LzA5L211bHRpbGF0ZXJhbGlzbS10cmFkZS1kaXBsb21hY3ktdXMtZ2xvYmFsLWxlYWRlci11bi1pbWYv/6442801f88c29c4d765242dcG9c580dab[Muster Global Majorities]( [A closing U.S. trade system is hastening the decline of its global leadership.]( [By Mark Malloch-Brown, a former deputy secretary-general of the United Nations]( //link.foreignpolicy.com/click/36828021.233250/aHR0cHM6Ly9mb3JlaWducG9saWN5LmNvbS8yMDI0LzA5LzA5L2luZGlhLXVzLXJlbGF0aW9uc2hpcC1zdHJhdGVnaWMtYXV0b25vbXkv/6442801f88c29c4d765242dcG054a6320[Strategic Autonomy Is Nothing To Fear]( [India's rise as a new pole of power does not endanger its indispensable relationship with the U.S.]( [By Nirupama Rao, a former Indian foreign secretary and ambassador to the United States and to China]( //link.foreignpolicy.com/click/36828021.233250/aHR0cHM6Ly9mb3JlaWducG9saWN5LmNvbS8yMDI0LzA5LzA0L2Rhbm55LXF1YWgtc2luZ2Fwb3JlLWxldHRlci11cy1wcmVzaWRlbnQv/6442801f88c29c4d765242dcGb22b0dd2[Why America Should Drop Its Obsession With Being No. 1]( [A letter from Singapore to the next U.S. president.]( [By Danny Quah, dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore](   [Stay ahead of the polls]( [Because information is increasingly siloed, it’s easy to fall into a self-reinforcing bubble. The diversity of views you’ll find on Foreign Policy is invaluable. Our quarterly and annual plans cost less than a buck a day.]( [SUBSCRIBE](   [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [VIEW IN BROWSER]( Want to receive FP newsletters? [Manage]( your FP newsletter preferences. [MANAGE YOUR EMAIL PREFERENCES]( | [VIEW OUR PRIVACY POLICY]( | [UNSUBSCRIBE]( Reach the [right online audience]( with us. [Foreign Policy]( is a division of Graham Holdings Company. All contents © 2023 Graham Digital Holding Company LLC. All rights reserved. Foreign Policy, 655 15th St NW, Suite 300, Washington, DC, 20005.