Ithink it was Madeleine Albright who first called the US the indispensable nation. The phrase, coined in those heady days after the collapse of Soviet-led communism, reflected America’s unique capacity to project power just about anywhere in the world.

After more than a decade of relative decline the description still broadly holds. Even as the challenge from rising states obliges the US to abandon the hegemonic ambitions of the early years of George W. Bush’s presidency, it remains the only power with real global reach.

A less noticed dimension to American power is coming into view as the international order falls into disrepair. Were a serious attempt to be made to refurbish the multilateral system, the US would be the linchpin. As it happens, though, it is also the nation best able to go it alone.