A successful war could theoretically still bring huge profits by enabling the victor to rearrange the global trade system in its favor, as Britain did after its victory over Napoleon and as the United States did after its victory over Hitler. However, changes in military technology make it difficult to repeat this feat in the twenty-first century. The atom bomb has turned victory in a world war into collective suicide. It is no coincidence that ever since Hiroshima, superpowers have never fought one another directly, instead engaging only in what (for them) were low-stakes conflicts, in which
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