The engine room of America’s global power remains its economy—its size, its innovation, its efficiency, its competitiveness, its influence on international standard-setting, its impact on global trade and investment, the depth of its capital markets, and the continuing global status of the US dollar. None of these historical economic strengths are set in stone, and all are now being challenged. For example, to compete effectively with China, America would need to reform and resume large-scale immigration to continue to grow its domestic market, just as it would need to expand its international
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