The year 1898 was a landmark in American history. It was the year America went to war with Spain — our first engagement with a foreign enemy in the dawning age of modern warfare. Aside from a few scant periods of retrenchment, we have been embroiled in foreign politics ever since.
Smaller countries are more dependent on trade and on attracting capital through lower tax rates. This goes against the notion that "nationalists" can use political separation to increase trade barriers and isolate a national economy.
The Edge of Democracy, a new Oscar-nominated documentary about Brazil, gets even basic facts wrong in pushing the idea that Brazil's corrupt and socialist politicians were the saviors of Brazilian democracy.
The economy is not primarily about the adjustment of capital investment across industries and firms, but about the determination of which industries and types of production will exist—and who will be involved in this future production.