A look back at perhaps the most important foreign policy success of the postwar period. Edited by Peter Grose, with contributions by historians Diane B. Kunz and David Reynolds, a memoir by Charles P. Kindleberger, a profile of Marshall and Acheson by James Chace and one of Will Clayton by Gregory Fossedal and Bill Mikhail. And reflections from Roy Jenkins, Walt Rostow, and Helmut Schmidt.
It is tempting to view the evolution of U.S. foreign economic policy from 1776 to 1976 as one from isolationism to participation to leadership of the world economic system, a process now starting to show signs of reversal. In terms of the theory of private and public goods, this country for some 170 years looked after its private national interest, then spent a quarter of a century playing a leadership role, pursuing at the same time what it conceived as the public international interest, before exhausting itself and perhaps turning back exclusively to its own affairs. Or, in Albert Hirschman's brilliant model of relations within social groupings, the country has moved from "exit" to "loyalty" to "voice"-first a participatory voice and then the voice of command-and may be again heading for the exit.
