This is the second installment of a four-part series of conversations between Yoichi Funabashi, the chairman of the nonprofit independent think tank Asia Pacific Initiative (API), and Yuichi Hosoya, a professor of international politics at Keio University and senior consulting fellow for API, about how the world may look in the aftermath of the coronavirus pandemic.

Just as pandemics in the past have transformed the world order, the novel coronavirus is expected to shift the balance of power.

The initial response to the crisis has exposed the competence and vulnerabilities of the U.S., China and the European Union alike.