Razeen Sally is Visiting Associate Professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore. Last week he was in Davos, where he chaired the the competitiveness and trade panels. One of the subjects Razeen isa currently writing and talking about is the relative strengths of the ‘Big three’: the US, EU and China are the Big Three. Here’s an extract from a piece he wrote recently for the Straits Times.

“President Obama has recently been re-elected, China has new leadership, and the EU is negotiating a new budget as well as trying to save the euro. Time, therefore, for a three-way comparison at the beginning of a new year.

Since the global financial crisis, the conventional wisdom is that the US and EU are in decline, while China races ahead. I would turn this conventional wisdom on its head. The EU and China are beset with alarming structural economic problems and sclerotic politics. Despite current doom and gloom, the US has a dynamic economy and political system whose engines are individual freedom and an open society. This bodes well for a US economic renaissance. And for the revival of American leadership in the world.