Final answer:
The United States' strategy of great power competition involves using all diplomatic, economic, and military resources to advance US interests and requires a foreign policy evaluation to gauge its effectiveness and consequences.
Step-by-step explanation:
The United States' strategy of great power competition is a broad concept that encompasses various aspects of foreign policy. This strategy, meant to advance national interests, involves the use of diplomatic, economic, and military resources and is deeply rooted in geopolitical calculations and international relations. Considering its benefits and harms involves a foreign policy evaluation. Such an evaluation is necessary to understand whether the strategy successfully protects national interests, secures access to global markets, and maintains or promotes international stability.
Pros of this approach include possibly lessened international entanglements, quicker responses to conflicts, and maintaining U.S. influence globally. Cons may entail offending other nations that prefer collective action, reliance on military solutions over diplomacy, and affecting the rights and duties of sovereign states. The United States adopts different schools of thought based on the situation, employing a blend of neoconservatism, internationalism, and protection of human rights and democracy, which can also lead to evaluating its participation in international agreements and organizations such as NATO and the United Nations.