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A familiar narrative following the dissolution of the USSR is that Cold War ended because Western capitalism triumphed over a backward, inefficient communist system. But what if the real story is about an empire buckling under the weight of its own military spending—a lesson with stark relevance for today? In the early 1990s, a wave of triumphalism swept the West. The Soviet Union had vanished, seemingly without the apocalyptic violence that accompanied the fall of other empires. The narrative was seductive: Reagan’s tough stance and the inherent superiority of free markets had consigned Marxism-Leninism to the “ash heap of history.”…
