Its hard to miss the prevailing idea that American hegemony is in a precipitous decline. Earlier this year, Parag Khanna was “Waving Goodbye to Hegemony” in a New York Times Magazine cover story. In Foreign Affairs, Fareed Zakaria recently argued that America needs fundamental reform if it is to avoid a precipitous fall from grace. There have been countless discussions of the “rise of China,” and a resurgent Europe and the loss of America’s...