The history of the world has seen many empires come and go. From the rise and fall of the Roman Empire, to the British Empire, and even to the Third Reich, empires have been built primarily on military or colonial power. In the modern, globalized world however, military prowess has been replaced by economic might as the prime determinant of new empires. Whichever their source of power though, empires that rest on either foundation have one important characteristic in common: their inevitable decline. Just as earlier empires based on military strength experienced spectacular ascendancies and subsequent declines, modern economic empires are no less fragile. The overextension, overconfidence, and underinvestment that lead to the demise of military empires have their analogies in economic empires: an economic superpower grows based on its strengths, is fueled by its successes, but declines as its values are transformed and economic arrogance dilutes its hegemonic powers. Colin Read explores the various factors that give rise to economic empires, and shows how the natural evolution of these very same forces eventually leads to their downfall. By analyzing the successes of each factor and the reasons why each falters, he gives insights into ways to sustain economic dominance.

He also shows how the thirst for economic success in emerging nations can replace an established economic empire, and he offers lessons to aspiring economies so that they may best leverage and manage their growth. This fascinating book gives us a provocative glimpse into the current global dynamic in which the United States, the world's first true economic empire, struggles to maintain its global economic supremacy in the face of a rapidly growing China that shall soon challenge it as the world's largest economy. Book jacket.