As a rising great power flexes its muscles on the political-military scene it must examine how to manage its relationships with states suffering from decline; and it has to do so in a careful and strategic manner. In Rising Titans, Falling Giants Joshua R. Itzkowitz Shifrinson focuses on the policies that rising states adopt toward their declining competitors in response to declining states’ policies, and what that means for the relationship between the two. Rising Titans, Falling Giants integrates disparate approaches to realism into a single theoretical framework, provides new insight into the sources of cooperation and competition in international relations, and offers a new empirical treatment of great power politics at the start and end of the Cold War. Shifrinson challenges the existing historical interpretations of diplomatic history, particularly in terms of the United States-China relationship. Whereas many analysts argue that these two nations are on a collision course, Shifrinson declares instead that rising states often avoid antagonizing those in decline, and highlights episodes that suggest the US-China relationship may prove to be far less conflict-prone than we might expect.

As a rising great power flexes its muscles on the political-military scene it must examine how to manage its relationships with states suffering from decline; and it has to do so in a careful and strategic manner. In Rising Titans, Falling Giants Joshua R. Itzkowitz Shifrinson focuses on the policies that rising states adopt toward their declining competitors in response to declining states' policies, and what that means for the relationship between the two. Rising Titans, Falling Giants integrates disparate approaches to realism into a single theoretical framework, provides new insight into the sources of cooperation and competition in international relations, and offers a new empirical treatment of great power politics at the start and end of the Cold War. Shifrinson challenges the existing historical interpretations of diplomatic history, particularly in terms of the United States-China relationship. Whereas many analysts argue that these two nations are on a collision course, Shifrinson declares instead that rising states often avoid antagonizing those in decline, and highlights episodes that suggest the US-China relationship may prove to be far less conflict-prone than we might expect.

The intimate, fly-on-the wall tale of the decline and fall of an America icon With one notable exception, the firms that make up what we know as Wall Street have always been part of an inbred, insular culture that most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street, setting up offices in far-flung cities and towns long ignored by the giants of finance. With its “thundering herd” of financial advisers, perhaps no other business, whether in financial services or elsewhere, so epitomized the American spirit. Merrill Lynch was not only “bullish on America,” it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen? And what does this story of greed, hubris, and incompetence tell us about the culture of Wall Street that continues to this day even though it came close to destroying the American economy? A culture in which the CEO of a firm losing $28 billion pushes hard to be paid a $25 million bonus. A culture in which two Merrill Lynch executives are guaranteed bonuses of $30 million and $40 million for four months’ work, even while the firm is struggling to reduce its losses by firing thousands of employees. Based on unparalleled sources at both Merrill Lynch and Bank of America, Greg Farrell’s Crash of the Titans is a Shakespearean saga of three flawed masters of the universe. E. Stanley O’Neal, whose inspiring rise from the segregated South to the corner office of Merrill Lynch—where he engineered a successful turnaround—was undone by his belief that a smooth-talking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed O’Neal’s support, this executive was allowed to build up an astonishing $30 billion position in CDOs on the firm’s balance sheet, at a time when all other Wall Street firms were desperately trying to exit the business. After O’Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the New York Stock Exchange earned him the nickname “Super Thain.” He was hired to save Merrill Lynch in late 2007, but his belief that the markets would rebound led him to underestimate the depth of Merrill’s problems. Finally, we meet Bank of America CEO Ken Lewis, a street fighter raised barely above the poverty line in rural Georgia, whose “my way or the highway” management style suffers fools more easily than potential rivals, and who made a $50 billion commitment over a September weekend to buy a business he really didn’t understand, thus jeopardizing his own institution. The merger itself turns out to be a bizarre combination of cultures that blend like oil and water, where slick Wall Street bankers suddenly find themselves reporting to a cast of characters straight out of the Beverly Hillbillies. BofA’s inbred culture, which perceived New York banks its enemies, was based on loyalty and a good-ol’-boy network in which competence played second fiddle to blind obedience. Crash of the Titans is a financial thriller that puts you in the theater as the historic events of the financial crisis unfold and people responsible for billion of dollars of other people’s money gamble recklessly to enhance their power and their paychecks or to save their own skins. Its wealth of never-before-revealed information and focus on two icons of corporate America make it the book that puts together all the pieces of the Wall Street disaster.

Black Gold and Blackmail seeks to explain why great powers adopt such different strategies to protect their oil access from politically motivated disruptions. In extreme cases, such as Imperial Japan in 1941, great powers fought wars to grab oil territory in anticipation of a potential embargo by the Allies; in other instances, such as Germany in the early Nazi period, states chose relatively subdued measures like oil alliances or domestic policies to conserve oil. What accounts for this variation? Fundamentally, it is puzzling that great powers fear oil coercion at all because the global market makes oil sanctions very difficult to enforce. Rosemary A. Kelanic argues that two variables determine what strategy a great power will adopt: the petroleum deficit, which measures how much oil the state produces domestically compared to what it needs for its strategic objectives; and disruptibility, which estimates the susceptibility of a state's oil imports to military interdiction—that is, blockade. Because global markets undercut the effectiveness of oil sanctions, blockade is in practice the only true threat to great power oil access. That, combined with the devastating consequences of oil deprivation to a state's military power, explains why states fear oil coercion deeply despite the adaptive functions of the market. Together, these two variables predict a state's coercive vulnerability, which determines how willing the state will be to accept the costs and risks attendant on various potential strategies. Only those great powers with large deficits and highly disruptible imports will adopt the most extreme strategy: direct control of oil through territorial conquest.

Militaries with state-of-the-art information technology sometimes bog down in confusing conflicts. To understand why, it is important to understand the micro-foundations of military power in the information age, and this is exactly what Jon R. Lindsay's Information Technology and Military Power gives us. As Lindsay shows, digital systems now mediate almost every effort to gather, store, display, analyze, and communicate information in military organizations. He highlights how personnel now struggle with their own information systems as much as with the enemy. Throughout this foray into networked technology in military operations, we see how information practice—the ways in which practitioners use technology in actual operations—shapes the effectiveness of military performance. The quality of information practice depends on the interaction between strategic problems and organizational solutions. Information Technology and Military Power explores information practice through a series of detailed historical cases and ethnographic studies of military organizations at war. Lindsay explains why the US military, despite all its technological advantages, has struggled for so long in unconventional conflicts against weaker adversaries. This same perspective suggests that the US retains important advantages against advanced competitors like China that are less prepared to cope with the complexity of information systems in wartime. Lindsay argues convincingly that a better understanding of how personnel actually use technology can inform the design of command and control, improve the net assessment of military power, and promote reforms to improve military performance. Warfighting problems and technical solutions keep on changing, but information practice is always stuck in between.

Nuclear Reactions analyzes how nuclear weapons change the calculations states make in their foreign policies, why they do so, and why nuclear weapons have such different effects on the foreign policies of different countries. Mark S. Bell argues that nuclear weapons are useful for more than deterrence. They are leveraged to pursue a wide range of goals in international politics, and the nations that acquire them significantly change their foreign policies as a result. Closely examining how these effects vary and what those variations have meant in the United States, the United Kingdom, and South Africa, Bell shows that countries are not generically "emboldened"—they change their foreign policies in different ways based on their priorities. This has huge policy implications: What would Iran do if it were to acquire nuclear weapons? Would Japanese policy toward the United States change if Japan were to obtain nuclear weapons? And what does the looming threat of nuclear weapons mean for the future of foreign policy? Far from being a relic of the Cold War, Bell argues, nuclear weapons are as important in international politics today as they ever were. Thanks to generous funding from the University of Minnesota and its participation in TOME, the ebook editions of this book are available as Open Access volumes, available from Cornell Open (cornellpress.cornell.edu/cornell-open) and other repositories.

Timothy W. Crawford's The Power to Divide examines the use of wedge strategies, a form of divisive statecraft designed to isolate adversaries from allies and potential supporters to gain key advantages. With a multidimensional argument about the power of accommodation in competition, and a survey of alliance diplomacy around both World Wars, The Power to Divide artfully analyzes the past and future performance of wedge strategy in great power politics. Crawford argues that nations attempting to use wedge strategy do best when they credibly accommodate likely or established allies of their enemies. He also argues that a divider's own alliances can pose obstacles to success and explains the conditions that help dividers overcome them. He advances these claims in eight focused studies of alliance diplomacy surrounding the World Wars, derived from published official documents and secondary histories. Through those narratives, Crawford adeptly assesses the record of countries that tried an accommodative wedge strategy, and why ultimately, they succeeded or failed. These calculated actions often became turning points, desired or not, in a nation's established power. For policymakers today facing threats to power from great power competitors, Crawford argues that a deeper historical and theoretical grasp of the role of these wedge strategies in alliance politics and grand strategy is necessary. Crawford drives home the contemporary relevance of the analysis with a survey of China's potential to use such strategies to divide India from the US, and the United States' potential to use them to forestall a China-Russia alliance, and closes with a review of key theoretical insights for policy.