These two opposed forms of social organization, the modern state and the market, have evolved together through recent centuries, and their mutual interactions have become increasingly crucial to the character and dynamics of international relations in our world.

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.

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.

In many societies the domestic social costs of adjustment to changing patterns of comparative advantage are believed to outweigh the advantages of further trade liberalization.

A prolonged and massive increase in aggregate wealth per capita has taken place over several centuries.

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.