The United States has moved from a position of economic predominance to one where it ranks among several top powers - a trajectory that closely mirrors Britain's experience in the early twentieth century. China has far surpassed America in total manufacturing output, and the US runs trade deficits with more than 100 countries.

Yale historian Odd Arne Westad has drawn this parallel in a Foreign Affairs essay adapted from his forthcoming book, "Hvylya" reports. But unlike Britain before 1914, the United States retains significant structural advantages. America spends roughly 3.5 percent of its GDP on research and development - more than any other country and far beyond what Britain spent a century ago.

The US also benefits from a large domestic market, favorable demographics, and access to natural resources at home - none of which Britain possessed in 1914. America dominates global banking and finance, the dollar remains the world currency, and the country continues to set rules for international commerce from transport to technology.

Yet the perception of decline fuels resentment regardless of underlying strength. After World War II, the United States held around 40 percent of global GDP. After the Cold War, it still commanded more than 20 percent. Today it stands at about 15 percent. Westad argues this decline was almost unavoidable. Europe and Japan had been destroyed during World War II; China endured a century of war followed by a Communist revolution. Now, after generations of peace, other industrial powers are catching up.

The deeper problem, Westad wrote, lies at home. Between 70 and 80 percent of Americans believe significant numbers of jobs have been lost to other countries. At least five million manufacturing jobs have disappeared since 2000. Like pre-WWI Britain, the United States has not invested enough in skills training or in helping workers transition to new jobs. The top 5 percent of Americans now own around two-thirds of the country's wealth - and the share is rising.

Also read: "Hvylya" looked at how Americans are growing resigned to China's rise as hawkish foreign policy loses public support.