The historical record suggests that the transition to to a new hegemon has always been attended by what I have elsewhere called hegemonic war.

The parallel existence and mutual interaction of "state" and "market" in the modern world create "political economy"; without both state and market there could be no political economy.

The competitive nation-state system, with all its capacity for good and evil, is spreading in the Third World and is transforming that world.

The clustering of technological innovation in time and space helps explain both the uneven growth among nations and the rise and decline of hegemonic powers.

Despite its increased dependence on the international economy, America continues to behave as if it were either a closed economy or the leader whom everyone else should automatically follow.

In short, the elimination of the financial legacy of Reaganomics could force the United States to make some exceptionally difficult choices indeed.

Liberal economists conceive of societies as black boxes connected by exchange rates; as long as exchange rates are correct, what goes on inside the black box is regarded as not very important.