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I see essentially four million-man armies out there: U.S., Russia, India, China. A fifth wheel would be NATO (with the body core really being Turkey).
You put those resources in rough combination (frenemies competing and collaborating economically and security-wise) and there's no question that there's enough Core-wide resources to pool against the tasks of shrinking the Gap. You put them largely at odds with each other, then the hedging requirements will gobble up most of the important budget, and in the U.S. that means a Leviathan that continues to grab the lion's share of acquisition, keeping emerging SysAdmin capabilities as strict lesser-includeds.
So here's my problem: China buys for Taiwan, India buys for Pakistan (and vice versa), and Russia optimizes to intimidate its near-abroad but may soon--if we play this wrong--redirect for the West. The U.S. already still spends way too much hedging on the past, and with a "league of democracies" mindset, will likely hold onto that strong bias, meaning we inevitably sub-optimize and sub-perform on any SysAdmin jobs in the Gap, thus encouraging more competition (Why trust the U.S. to get it right on stuff you find vital? and/or Why not challenge or compete directly with a tied-down/perceived-as-incompetent U.S. in these venues?). The more that proxy war/quasi-imperialistic competition kicks in, the heightened mistrust makes for even more intra-Core hedging (and spending) by all involved.
From history's perspective, it can't get much dumber than this: our globalization sweeping the planet in the form of an international liberal trade order, but right at its apogee, the four million-man army nations find a way to turn on each other more than the collective problems and opportunities staring them in the face.
From an international businessman's perspective, this is potential tragedy in the making. From a grand strategic perspective, this is an unthinking America playing down to the lower-order dynamics generated by less-mature great powers.
In short, we should know better and act better and avoid this pathway.
But Americans are, by their nature, strategically short-sighted. We respond emotionally to events--this week's column (above).