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China's recent growth has called attention to the power-transition theory, which contends that the danger of a major war is the greatest when a rising dissatisfied challenger threatens to overtake a declining satisfied hegemon. Steve Chan questions this prevailing view by analyzing the extent of ongoing power shifts among the leading powers, exploring the portents for their future growth, and seeking indicators of their relative commitment to the existing international order. To better understand the strategic motivations of ascending and declining states, insights are drawn from prospect theo.