An America without independent institutions cannot stay No 1

When you buy a stock, you are paying for future profits, not current earnings. It seems that a similar principle applies to countries. The fact that a company or a country is at the top now means nothing if the main indicators are flashing red. I am reminded of this investment adage by a new article in Foreign Affairs, titled “The Multipolar Delusion and the Unilateral Temptation”. It argues there has been, and still is, only one hegemonic pole in the international order, and that is the United...

By Alex Lo