Despite a decade of costly and indecisive warfare and mounting fiscal pressures, the long-standing consensus among American policymakers about U.S. grand strategy has remained remarkably intact. As the presidential campaign made clear, Republicans and Democrats may quibble over foreign policy at the margins, but they agree on the big picture: that the United States should dominate the world militarily, economically, and politically, as it has since the final years of the Cold War, a strategy of liberal hegemony. The country, they hold, needs to preserve its massive lead in the global balance of power, consolidate its economic preeminence, enlarge the community of market democracies, and maintain its outsized influence in the international institutions it helped create.

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