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History tells us that the Second World War broke Britain as a great power, diminishing its military strength, ruining its economy, and precipitating a striking wave of decolonization. Nationalists and new superpowers dominated the post-war landscape, and the country was on the slide. But no one knew this in 1945—the leading politicians, the top civil servants, and the most knowledgeable experts, all expected the British Empire to remain intact long into the future.

With a new "10 years later" epilogue for every chapter, comes an eye-opening assessment of American power and deglobalization in the bestselling tradition of The World is Flat and The Next 100 Years. Near the end of the Second World War, the United States made a bold strategic gambit that...