Today, many hope that with the defeat of fascism in World War II and the subsequent defeat of communism in the Cold War, the world will return to the peace and prosperity of the nineteenth century. Certainly a stable and prosperous international order will require a greater contribution from the emerging economic powers of the Asia-Pacific Economic Cooperation (APEC) forum than is now taking place. The exercise of strong political leadership is essential to the creation of a stable international economic and political order. At the conclusion of great or hegemonic wars, the victorious power or powers have redistributed territory, forged alliances, and taken other measures to ensure the stability of the international balance of power. The end of the Cold War is the most dramatic event transforming the international system. The other major development transforming the postwar economic order is the rising tension between the forces of economic globalization and those of economic regionalization.