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88 Foreign Aff. [i] (2009)

handle is hein.journals/fora88 and id is 1 raw text is: FOREIGN AFFAIRS JANUARY/ FEBRUARY 2009 VOLUME 88, NUMBER 1 Financial Fallout The Great Crash, 2008 Roger C. Altman 2 The economic collapse of 2008, the worst in over 75 years, is a major geopolitical setback for the West. It has stripped Washington and European governments of the resources and credibility they need to maintain their roles in global affairs. These weaknesses will eventually be repaired, but in the meantime theywill accelerate trends that are shifting the world's center of gravity away from the United States. From Doha to the Next Bretton Woods Aaditya Mattoo andArvind Subramanian 15 World leaders may be tempted to revive the failed Doha Round of international trade talks. But Doha does not address the world's most urgent economic problems, including those that contributed to the current financial crisis. Instead, what is needed is a new conversation-a Bretton Woods II-that speaks to the needs of traditional and emerging power's alike. Essays A Balanced Strategy RobertM Gates 28 The United States cannot expect to eliminate national security risks through higher defense budgets: to do everything and buy everything. The Pentagon must set priorities and consider tradeoffs. It must balance trying to prevail in today's conflicts and preparing for tomorrow's, institutionalizing counterinsurgency capabilities and maintaining its edge in conventional warfare.

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