It disregarded the threat to its economic interests and the economic interests of its trading and investment partners. Russia resorted to military power, not diplomacy. But in annexing Crimea, Russia defied the norms of this new world order.

For some countries, it rationalized reduced military budgets. Although conflicts didn’t vanish, they seemed to originate increasingly from nonstate actors (al-Qaeda), regions (Africa) and countries (Afghanistan) at the fringes of the global economy. The emergence of middle classes in some countries (South Korea, Brazil, India, China) provided strong constituencies for economic development. Cross-border trade and investment increased rapidly. The American money chase seemed to go global.

The competition between capitalism and communism was settled. The end of the Cold War gave the vision another boost. Conflicts along national lines haven’t disappeared but they have moved from battlefields to bureaucracies. “Our story is of enemies making peace,” as one EU official says. Its greatest achievement is the European Union, which started as “the common market” and demonstrated that economic integration can muzzle the animosities of centuries of war. Up to a point, the past half-century has vindicated this vision. It is easier to settle economic disputes than more stubborn disagreements stemming from heritage, history and values. What worked for us can work for everyone. We can all join the rush for riches without sacrificing the exclusionary aspects of our personal identities. The shared striving for economic success mutes differences of religion, region, race and ethnicity, where conflicts and contrasts are more unyielding.

It provides a common denominator for inclusion. Americans’ obsession with “getting ahead” defines us. This vision of a world pacified by economic self-interest is largely an American one. The tendency is to “work things out” rather than threaten these vital relationships. Countries have too much to lose to risk conflicts that will antagonize trading partners and international investors. The presumption - rarely stated openly but widely believed - has been that the growing economic interdependence of nations reduces traditional geopolitical conflicts. For the record, it’s worth noting that Russia’s swift seizure of Crimea confounds and contradicts one of the hopeful axioms of conventional wisdom.

Update capitalism ii