World domination one day will likely be achieved even by the Chinese and Indians. In the end it might boil down to one of these countries starting WWIII, with India invading Pakistan or China invading the Korean peninsula, as these countries are largely immature governments with graying leadership. There is no telling what a shift to the youth in either government could mean for the rest of us.
All of the biggest conflicts known to mankind occur at the onset of the decline of another world power. The French rose to power following the decline of the English and Prussians. The Germans rose up after the French fell into chaos. Japan rose to power following the collapse of the czarist Russians. The English arose from a handy dandy blockade against the colonial expansions by other European powers, which shifted the fortunes to them in a matter of a century. The Americans and Communists rose on the retreat of the Axis, with a virtual rewriting the balance of power in a few years by sheer force of a nuclear threat. Japan filled the shoes triggered by the retreat of the Americans in the Far East in the late 60's, to turn their country into quite a spectacular economic power. The whole of Southeast Asia culminated on the rumblings of the Japanese economic over-expansion. The Chinese again followed up and filled in the gap left by the mediocrity of the southeast Asian bloc, whooing investors in with cheap labor in exchange for technology. The world capitalist corporations have risen on the retreat of the Soviet Union, the Europeans, and the collapse of South Africa - creating a short-lived New World Order. Power is shifting to and fro and nobody knows where its going to be one day from the next.
Does it really matter if its fought by money or missiles? Don't kid yourself thinking that the Chinese are stupid little mongols that couldn't put an offensive strategy together if it came up and bit them in the butt. Its all amounts to who wins. Right now the decline of the stateside economy and all these corporate scandals that people just allow happen, its looking more and more like Americans want to lose.