The triumphalist rhetoric of American leaders basking in their economy’s “stellar performance” has also alarmed foreigners. When Alan Greenspan asserted to Congress that the crisis meant the world was moving toward “the Western form of free market capitalism,” almost no one thought that was either true, possible, or desirable. Economics has not displaced culture and history, regardless of the self-evaluation of the economics profession. Many leaders in East Asia know that globalization and the crisis that followed actually produced only pain for their people, with almost no discernible gains.20 Globalization seems to boil down to the spread of poverty to every country except the United States.
Clearly on the defensive, Richard N. Haass and Robert E. Litan, directors respectively of foreign policy and of economic studies at the Brookings Institution in Washington, lamented, “In some quarters [globalization] is seen as having caused the rapid flows of investment that moved in and out of countries as investor sentiment changed and were behind the Mexican [1995] and Asian financial crises.” But to them this would be a wrong conclusion. To accept it would be to “abandon America’s commitment to the spread of markets and democracy around the world at precisely the moment these ideas are ascendant.”21 But whether such ideas are actually ascendant is, thanks to the crisis, now in doubt, and such doubts are generating more blowback. The duties of “lone superpower” produced military overstretch; globalization led to economic overstretch; and both are contributing to an endemic crisis of blowback.
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THE CONSEQUENCES OF EMPIRE
American officials and the media talk a great deal about “rogue states” like Iraq and North Korea, but we must ask ourselves whether the United States has itself become a rogue superpower. In November 1998, Tom Plate, a columnist on Pacific Rim affairs for the
We Americans deeply believe that our role in the world is virtuous—that our actions are almost invariably for the good of others as well as ourselves. Even when our country’s actions have led to disaster, we assume that the motives behind them were honorable. But the evidence is building up that in the decade following the end of the Cold War, the United States largely abandoned a reliance on diplomacy, economic aid, international law, and multilateral institutions in carrying out its foreign policies and resorted much of the time to bluster, military force, and financial manipulation.
The world is not a safer place as a result. Those who support a singular American hegemonic role in world affairs argue, as did Mark Yost, an editor of the