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The end of the unipolar era, with the rising strength of China and the failure of America’s engagements abroad, is opening up a debate on grand strategy in the United States. What approach should it take now that the world is once again gripped by competition between powers? The discussion revolves around three major opposing schools of thought: “liberal order idealism”, “illiberal hegemony”, and “restraint”. The debate remains largely unresolved, as the country is only just starting the process of strategic adjustment.