Would any of you please explain what the last several pages have to do with the diminishing power of the USA on the world scene?
It used to be that the industrial strength of the US was powerful enough that no one had to worry about it, but the free flow of capital and technology has sapped the strength of the US and improved that of other nations. Of course, 60 years ago when approximately one half of the world's GWP was centered in the USA and the rest of the world either in ruin, rubble or undeveloped that might have been a bad specious place to compare or use as a baseline (yet that is the way Americans still think).
The fact that the US has a stable legal system helps investors from being hoodwinked like the events that slowed the Seven Tigers economies of East Asia in the mid-late ?'90s, after all just ask anyone with Enron stock.
Likely Bretton Woods,
http://en.wikipedia.org/wiki/Bretton_Woods_system
helped develop the "free-non-soviet' world economies to keep the seductions of Russian Soviet Communism at bay, but by doing so it well might have strengthened capitalistic democracies world-wide, yet eventually the ability for the free flow of capital would undermine even the most efficient economy by forcing it to compete with cheaper labor and resources, especially one like the USA's that invested in a defense program so large that now it matches that of the world's other top five national economies combined.
Yet if one looks at history, empires fall from the introduction of new military technologies, just ask any 15th century BCE Egyptian whose bronze sword was bent on the blade of a Hittite iron sword.
The USA will dominate the world for only a single reason even if its economy is suspect simply because it has a tremendous advantage in military weapons and has shown itself ready to use them.
However like Lenin said, the Western capitalists will sell others the rope with which to hang them. Note that the process of profit maximizing of western capitalism has lead to the fact of trade imbalances with the major trading partners of the USA , to the tune of approximately $2 trillion dollars being held by the Communist government of China. So to me those American capitalists who invested overseas in China and those retailers, whose method was to squeeze out the last drop of blood from the turnip of American workers caused this, and I believe that these people are certainly NOT patriots but traitors who sold out the USA for a few dollars.
The saving grace of US dominance likely will be a nationalistic set of social and economical programs akin to the National Recovery Act of the 1930's, but that will arise only from the ashes of severe economic shock and population relocation that will make the Great Depression look like a bird walk, with the serious problem being that such ideas can turn into a unique brand of American fascism.