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After the collapse of the Soviet entire the United States emerged as the sole superpower. No other power, or the combination of powers, could challenge it's supremacy. But the unipolar world did not take root. When President Bush sought to assert America's supremacy by invading Iraq on false pretences he achieved the exact opposite of what he intended. The United States suffered a precipitous decline in its power and influence. So the disarray in the international financial system is matched by instability in international relations. The new order that will eventually emerge will not be dominated by the United States to the same extent as the old one.
前苏联解体后，美国成为了唯一的超级大国，没有其他大国或者国家联盟可以挑战其至高无上的国力，但是这种“单极”的世界秩序未能持久。当布什总统为彰显美国的威力以不实之词为借口入侵伊拉克时，其效果与他的意图适得其反。美国的力量和影响力一落千丈，结果混乱的国际金融体系加之不稳定的国际关系形成了。此后，终将形成新的世界秩序，将不会再像以往那样受美国的控制和左右。
To understand what is happening we need a different conceptual framework from the one to which we have been accustomed. The efficient market hypothesis looks at financial markets in isolation and totally disregards politics. But that gives a distorted picture. As I have pointed out several times, behind the invisible hand of markets there is the visible hand of politics which establishes the rules and conditions in which the market mechanism operates. My conceptual framework relates to the political economy, not the market economy as an abstract construct that is governed by timelessly valid laws. I look at financial markets as a branch of history.
为了便于理解什么正在发生，我们需要一个有别于惯性思维的概念性框架。有效的市场假说孤立地看待金融市场，完全无视政治因素，但这扭曲了现实。正如我多次提到的那样，在市场无形的手背后有一只有形的政治之手，它制定有关市场运作的各种法律法规。我所说的概念性框架与政治经济学有关，而与抽象概念的市场经济学无关。我把金融市场视作历史的一个分支。
