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I feel like military is just one part of influence and frankly and increasingly less important one (at least compared to 100+ years ago) as the global economy becomes more intwined. Economic and cultural influence are also quite important. Frankly the power of the dollar as a world reserve currency is worth more than every piece of military hardware we have in terms of international influence. Japan comes to mind as an example. Up until recently the effectively haven't had a military at all and still don't have much yet they're still one of the more powerful nations in the world.
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