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Economic Decline | Hand of Reason

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Graceful Decline? The Surprising Success of Great Power Retrenchment – Paul MacDonald and Joseph Parent

MacDonald and Parent argue that decreased military spending and less ambitious foreign policy is the best course of action for a major power in decline. By following a policy of retrenchment, a state can mitigate the effects of its decline and, in some cases, even regain its former status. Retrenchment is defined as a policy […]