The only truly global power was in rapid relative decline. Not long before, it had won a pyrrhic victory in a costly colonial war. New great powers were on the rise. An arms race was under way, as was competition for markets and resources in undeveloped areas of the world. Yet people still believed in the durability of the free trade and free capital flows that had nurtured prosperity and, many believed, had also underpinned peace.
唯一真正全球性的強國在迅速地相對衰落。不久前，它贏得了一場殖民主義戰爭，但爲此付出了慘重代價。新的強國正在崛起。一場軍備競賽已經拉開，在不發達地區的市場和資源競爭也已開始。然而，人們仍然堅信，自由貿易和自由資本流動將會長盛不衰，這二者哺育了繁榮，在許多人看來，也促進了和平。
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