Hegemony: Preponderant influence or authority over others.
I agree with your post, especially the last paragraph. Since the end of WW2, we have become the "parent" to the rest of the world, and for the most part, we have done a decent job. Other great civilizations in history had also enjoyed that role primarily due to military superiority. However, nothing lasts forever, and the "children" today have now grown strong enough that they apparently feel a challenge to our sole leadership is warranted, since they also have comparable military strength, and they do not want us deciding their future for them.
Some sort of compromise is very necessary now, since heavy-handedness on anyone's part could destroy this planet, and every living thing on it. No one country has the right to control shipping lanes or where planes may or may not fly, since those have already been internationally accepted by everyone. I can only hope that adults understand that, and will find a solution that is acceptable to all concerned.
I am also including the ME in my post, since they are generally getting away with things we won't put up with from any other region on this globe - while we demonize Russia and China for trying the same thing? That's nonsense! Let's have a little honesty here!