I was certain that I was not a Marxist, but I did believe firmly that a connection between economics and politics existed.

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 opposing tendencies of concentration and spread are of little consequence in the liberal model of political economy.

Through exploitation of its influence over global financial affairs, the United States has been able to cover the costs of its hegemonic position, preserve a false domestic prosperity, and mask the consequences of its relative political and economic decline.

The world economy diffuses rather than concentrates wealth.

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