Brazil's New Capitalism Under President Fernando Henrique Cardoso, Brazil has finally embraced modern capitalism and broken decisively with a sclerotic old economic model. The country's ambitious reforms are encouraging private investment and loosening state control. Even the 1999 currency crisis eventually ended smoothly. But the world should hold its applause until Cardoso can prove that his reforms will last. If not, his efforts will merely join Brazil's dreary list of false starts and missteps

The Squandered Presidency Stephen M. Walt cheers Bill Clinton for giving Americans the foreign policy they wanted. But a great president would have given them the foreign policy they needed

Don't Panic. Robert Gilpin fears that globalization is at risk because the Cold War-era foundations of today's liberal capitalist order are eroding. In fact, they are stronger than ever