Specialization makes the welfare of the society vulnerable to the market and to political forces beyond national control.

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

The dreams of "leaving it up to the market" or of returning to a politically neutral gold standard cannot succeed because the nature of the monetary system has a profound impact on the interests of powerful groups and states. Affected groups and states will always try to intervene in the operation of the system to make it serve their interests.

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

Trade is the oldest and most important economic nexus among nations. Indeed, trade along with war ha been central to the evolution of international relations.

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

Among the many factors that make a return to halcyon days of the first decades of the postwar era virtually impossible is the decline of clearly defined political leadership.