But it would be myopic to assume trade links invalidate other interests and pressures, Krugman adds. Russia exerted influence in Georgia (not that big a deal), but also used natural gas as a weapon in 2006 when it cut off gas to Ukraine (a big deal). Suddenly, Europe's dependence on Russian fuel doesn't look so cool.

And then there is China, soon to pass the United States as the world's largest manufacturing nation, assisted by a decade of economic policy mistakes by the U.S. China has been, by and large, cooperative in international affairs, both economic and political, Krugman argues. Economist David H. Wang, a China expert, agrees "but that may change, if economic conditions in China continue to worsen."

"China is concerned about the impact of reduced trade on its domestic growth goals," Wang said. A sharp deterioration in export demand would compel China to pursue "more-nationalistic economic policies," Wang added, supporting Krugman's analysis.

Economic Analysis: Krugman highlights a tenet of international relations: trade, a rational act, benefits nations engaged in it, but history painfully demonstrates that hasn't stopped nations from going to war with trading partners.

That's all the more reason the United States must rebuild its manufacturing base, implement a national energy policy, curtail both its federal budget and trade deficits, and create a capital investment self-reliant economy characterized by sustainable, balanced GDP growth.

Or, in short, the Obama Administration and new Congress have to correct all of the mistakes of the Bush era. That's heavy lifting, but they're off to a good start.