Many observers have cited the crisis in Ukraine as yet another example of American retrenchment and declining global influence. Some have also interpreted it as evidence of a Russian-led effort to mobilize the major emerging economies — Brazil, India, and China — against the West.

While there is a kernel of truth in both narratives, each is a gross exaggeration, as is the notion that America's capacity to shape a secure and prosperous international system is in decline.

The United States has had a rough few years. After two long, draining wars, its withdrawal from Afghanistan is inching along slowly. In Syria, Russian and Chinese intransigence have frustrated its efforts to find a diplomatic solution. And China's growing assertiveness in the South and East China Seas threatens U.S. regional dominance while raising the risk of a crisis with U.S. ally Japan.