The bipolar world is over, but it not going to be replaced by a unipolar world empire that the United States controls alone. The world is already economically multipolar, and there will be a diffusion of power as the information revolution progresses, interdependence increases, and transnational actors become more important. The new world will not be neat, and you will have to live with that.

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Some economists believe that the Great Depression of the 1930s was aggravated by bad monetary policy and lack of American leadership. Britain was too weak to maintain an open international economy, and the United States was not living up to its new responsibilities.

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