Inequality in the ownership of capital brings the rich and poor within each country into conflict with one another far more than it pits one country against another. This has not always been the case, however, and it is perfectly legitimate to ask whether our future may not look more like our past, particularly since certain countries—Japan, Germany, the oil-exporting countries, and to a lesser degree China—have in recent years accumulated substantial claims on the rest of the world (though by no means as large as the record claims of the colonial era).