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Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits." [12]
The European balance of power is a tenet in international relations that no single power should be allowed to achieve hegemony over a substantial part of Europe. During much of the Modern Age, the balance was achieved by having a small number of ever-changing alliances contending for power, [1] which culminated in the World Wars of the early 20th century.
The largest was the Russo-Japanese War of 1905, the only in which two major powers fought each other. [140] Among the main empires from 1875 to 1914, historians assess a mixed record in terms of profitability. The assumption was that colonies would provide an excellent captive market for manufactured items. Apart from India, this was seldom true.
The book then proceeds chronologically, looking at each of the power shifts over time and the effect on other Great Powers and the "Middle Powers". Kennedy uses a number of measures to indicate real, relative and potential strength of nations throughout the book. He changes the metric of power based on the point in time.
World map by current account balance (% of GDP), 2023, according to World Bank [1]. This is the list of countries by current account balance, expressed in current U.S. dollars and as percentage of GDP, based on the data published by World Bank, United Nations Conference on Trade and Development and Organisation for Economic Co-operation and Development.
The 2020 deficit, in terms of its relationship to the economy, represented 15.2% of total gross domestic product, the sum of all the goods and services produced by the country.
The predominance of the balance of power in the practice of statesmen for three centuries … should not obscure the fact that throughout world history periods dominated by the balance-of-power policies have not been the rule. The balance of power scarcely existed anywhere as a conscious principle of international politics before 1500… [37]
The potential for the two countries to form stronger relations to address global issues is sometimes referred to as the Group of Two. Barry Buzan asserted in 2004 that "China certainly presents the most promising all-round profile" of a potential superpower. Buzan claimed that "China is currently the most fashionable potential superpower and ...