From Stephen Walt's blog on FP:
Twenty years ago this week, the Soviet Union was dissolved. Two years before, Moscow had dropped its geopolitical ambitions, allowing the Berlin Wall to fall peacefully. The United States had won the Cold War.
Since then, U.S. military power is unmatched. Because enemy airplanes rarely come close to U.S. jets, no active American pilot has achieved the five kills necessary for the honorific title of "ace". Likewise, the U.S. Navy is larger than all the other seventeen high-seas fleets combined. The two most effective non-U.S. land forces (the British and French armies) are roughly the size of the smallest branch of the U.S. military machine, its Marine Corps.
Has this unparalleled power allowed the United States to enjoy the much-touted peace dividend it earned by winning the Cold War? Is the United States better able to impose its will peacefully today than when Stalin blocked Berlin or Khrushchev placed nuclear missiles in Cuba?
Many seem to think so. Writing in the New York Times a week ago, Joshua Goldstein and Steven Pinker argued that "war really is going out of style." In what concerns the United States, however, nothing could be further from the truth. The last two decades, less than ten percent of U.S. history, account for more than 25 percent of the nation's total wartime. Between the defeat of Napoleon in 1815 and the Soviet demise, great powers were involved in wars on average one every six years. Since it became the sole superpower, the United States has been at war for more than half the time, or twelve out of twenty two years.
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