It is tempting to ask where in the process of imperial decline the United States now finds itself. It certainly has elements in common with Britain a century ago: deindustrializing, overcommitted, complacent. On the eve of World War I, Britain was dependent on Germany for industrial and even military technology — and unwilling to re-examine the free-trade system on which German supremacy had been built. By the eve of World War II, Britain was essentially bankrupt. There are parallels in America’s dependence on China today.