When Bush took office in January 2001, the United States was the world’s sole hyperpower. Russia had defaulted on its foreign debt in July 1998, and China was a small dark cloud in the geopolitical sky. US government debt was a manageable 55% of GDP, compared with more than 100% of GDP today. America had more than 17 million manufacturing workers, vs only 12 million today. It still dominated high-tech manufacturing, including computer chips and telecommunications equipment.

Fast-forward to 2019: China is challenging American pre-eminence in a range of civilian and military technologies, while Russia has returned to the world stage as a major power, notably in the Middle East.

Donald Trump was obnoxious enough to declare that the emperor had no clothes. Breaking with the iron discipline of the Republican Establishment, he told voters that the United States had wasted $7 trillion, thousands of dead, and millions of lives disrupted in the disastrous nation-building campaigns in Iraq and Afghanistan.