From The Financial Times, via A Glimpse of the World blog:
Go back two or three years and the issue that most occupied the best foreign policy brains was how America would (or should) deploy its unrivalled power in the wake of the terrorist attacks of September 11 2001. More recently, brows have furrowed over the strategic implications of President George W. Bush’s determination to overturn the authoritarian status quo in the Middle East. Like much else, though, foreign policy is a slave to fashion. So the issue of the moment is no longer how the global system adjusts to the American imperium but rather how the US accommodates the world’s rising powers, above all China.