Gideon Rose argues in the international edition of Newsweek that despite the dour headlines, the world is actually not going to hell in a handbasket... yet:

For all the whining and worrying in the United States and abroad, therefore—and for all the real and pressing problems that remain—the world has never had it so good. The most advanced countries are allies and are generally devoted to the betterment of their own and other peoples. More than a third of humanity lives in countries growing at about 10 percent annually. Living standards have never been higher, life spans longer or politics freer, and there is every reason to expect such trends to continue. This generally benign context, in which great-power war and depressions are extremely unlikely, is the backdrop against which less serious or more speculative problems—terrorism, diplomatic rivalries, slow or unevenly distributed growth, future climate changes—loom large.

It is crucial to remember, however, that our generally happy condition is neither accidental nor inevitable. It is the result of wise choices made by leaders and publics in decades past—a legacy that could be squandered if we take things like great-power peace or an open global trading system for granted, or get spooked into rash or imprudent actions that create more problems than they solve.

This was the Bush administration's real failure: intoxicated by self-righteous hubris, it never understood that dominance could be exercised but legitimate authority had to be earned. So it scorned the routine diplomatic maintenance necessary to keep the system in good working order, only to find itself isolated when its pet projects came a cropper. At this point, having squandered most of his capital and having defined himself so starkly through his initial policies, there is little Bush can do to change anyone's mind about anything. His successor, however, will get a fresh start. And if the next administration can avoid Bush's mistakes, it should find keeping the world on track much easier than most currently expect.