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Explores a new theory of international cooperation to guide future global associations. Inspired by public choice literature & industrial organization studies, the theory should address what types of international organizations the US should join as well as when the US should yield its sovereignty to these associations. The conditions for optimal outcomes for individual consumers in a free market, based on the work of Kenneth Arrow & Gerard Debreu, provide insight to the theory of international cooperation. L. Collins Leigh

Argues that modern social structures providing predictability are breaking down to create future uncertainty. The article discusses the cycles of accumulation & hegemonic transitions, comparing present transformations of world capitalism with those of the 18th-century transition from Dutch to British hegemony & 19th-20th-century shift from British to US hegemony. It is argued that the global financial expansion of the last 25 years indicates a hegemonic transition analogous to the these transitions. This analogy creates skepticism about the long-term stability of the current global dominance of capitalism. The authors review how the present transition does differ from the previous ones as well as the implications for future transitions. The authors feel that the US will need to adjust to the rising economic power of East Asian states to avoid a catastrophic transition to a new world order. 2 Figures. J, Moses