The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
For the first time in 70 years, the American people have elected a president who disparages the policies, ideas, and institutions at the heart of postwar U.S. foreign policy. No one knows how the foreign policy of the Trump administration will take shape, or how the new president’s priorities and preferences will shift as he encounters the torrent of events and crises ahead. But not since Franklin Roosevelt’s administration has U.S. foreign policy witnessed debates this fundamental.
Since World War II, U.S. grand strategy has been shaped by two major schools of thought, both focused on achieving a stable international system with the United States at the center. Hamiltonians believed that it was in the American interest for the United States to replace the United Kingdom as “the gyroscope of world order,” in the words of President Woodrow Wilson’s adviser Edward House during World War