The constructivist theory is very fluid in its definitions of identity, relationships, and the boundaries of acceptable action. For this reason, I think it is the most realistic theory, as it accounts for changes in these structures that other theories write off as exceptions.
One interesting application of this theory would be towards the identity of the US. Since the end of WWII, the US has been a hegemonic power. It is evident, however, that the US might not be able to maintain that identity much longer. International popularity for our government is in a steady decline, and other international or multi-national organizations are gaining political weight. If one of the main US interests has always been to maintain order in a supreme position (thereby making it a sort of international policing power), will these interests persist in the shifting international environment? Can they persist when our relationships with so many foreign countries have been tainted? It will be interesting to see how the identity of the US will reshape itself in this situation.
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