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The Monroe Doctrine is dead.

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Investors Business Daily is outraged that Russia is helping Venezuela develop nuclear technology, demanding that someone remind Russia of the Monroe Doctrine.

Unfortunately, the U.S. doesn't have any leg to stand on with respect to the Monroe Doctrine given how it's become a bi-partisan staple of foreign policy establishment dogma that the U.S. does not recognize "spheres of influence." It would be self-evidently absurd for the U.S. to protest Russia's dalliances in Venezuela (a little under 2,000 miles from the U.S. border) when the U.S. is pushing to admit countries that border Russia into NATO.

That said, should we be dusting off the concept of 'spheres of influence' in an era of emerging great powers? Ted Galen Carpenter argues that we should:

Russia needs to find a graceful way out of its increasingly cozy relationship with Chavez, and the United States needs to stop talking about deploying missile defenses or expanding NATO eastward. Washington and Moscow must acknowledge that the concept of spheres of influence is alive and well, and that gratuitous violations of that concept will negate any prospect for a reset in relations.

U.S. leaders must also comprehend that cordial relations with China require a willingness to accept that East Asiaâ??s rapidly rising great power will seek to establish a sphere of influence in its neighborhood. Beijingâ??s expansive territorial claims in the South China Sea and the recent spat with Japan over disputed islets in another body of water are signs of that process. Chinaâ??s growing power and assertiveness means that the United States will need to tread softly regarding such territorial disputes, as well as the even more sensitive Taiwan issue, if Washington wants to avoid nasty confrontations with Beijing.

While I think avoiding nasty confrontations should be a key goal, I'm not sure how affording China a 'sphere of influence' would work in practice. China's prospective 'sphere' encompasses major economic powerhouses like Japan, Taiwan and South Korea, and some weaker Southeast Asian states. Unlike, say, Russia, where the U.S. ties to countries like Georgia or even Ukraine were historically relatively weak and economically negligible, American ties to Japan and South Korea are anything but.

(AP Photo)