When World War II ended, the United States took the lead in providing political
stability, rules for freer trade, and international financial stability. The ‘Pax
Americana’ worked extremely well. During the postwar years, more people in
more countries increased their living standards by larger amounts than in any
period in recorded history. In order to continue the global growth, increased
liberty and human progress of the last 60 years, Allan Meltzer argues that new
arrangements are called for to provide the public goods that progress requires.
Developing these new arrangements is the major challenge to US leadership as
the engine of world progress in the new century.