Reason and elements for conflict to erupt are always present that would perpetually perpetuate peace. Terrorist elements are also not expected to be eradicated in the 21st century albeit they are going to weakened with the capture and killing of their leaders such as Osama Bin Laden. China is beginning to become agressive and raising its armory that could also threaten peace. All sovereign states agree that nobody benefits from war. It is a lose-lose scenario and should be avoided at all cost.
But when there are conflict of interest where one state has the upperhand in terms of military capability and economic war chest to finance war, it would be tempting to settle conflicts through military means or a shooting war. There are two possible flashpoints for war in the 21st century. One is in the South East Asia between China and its neighboring countries that includes ASEAN and Japan and the other, the perpetual source of war which is the Middle East. Of the two, the situation in South East Asia is more worrying compared to Middle East for several reasons.
First, conflict in the Middle East are no longer between states such as the Iran-Iraq war or the Israel-Palestine war. It would be more now of conflict within states with people getting tired of autocratic regime that they demand change through arms or political reform. Also, the wars between states there proved to be predictable and containable. The conflict in South East Asia on the other hand has a lot of unknown variables and there is regional bloc involved there. Worse comes to worst, it would be China versus ASEAN and Japan.
To have an idea on the magnitude of this possible conflict, it would be like United States going to war with the whole of Europe. Now, if war will happen of that magnitude, it will be extremely difficult to contain. As the Defense Minister
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