Joel Kotkin and Shashi Parulekar think warnings of the West's decline are greatly exaggerated:

Start with economics. Like Germany in the 1930s or Japan in the 1970s, China has found that centrally directed economic systems can achieve rapid, short-term economic growth—and China’s has indeed been impressive. But over time, the growth record and economic power achieved by the free-market-oriented English-speaking nations remain peerless. A little-noted fact these days is that the Anglosphere is still far and away the world’s largest economic bloc. Overall, it accounts for more than one-quarter of the world’s GDP—more than $18 trillion.