While reading about the recent crisis in South Ossetia, Paul Krugman wondered if the second wave of globalization will share the fate of the first: world war.  A world in which the US isn't the only military force, argues Krugman, is a dangerous one.  Russia has proven itself willing to use gas as a political weapon, and China, emboldened by Russia's example, might invade Taiwan.  These nationalism-powered conflicts threaten the stability of our globalized world. 

I'm skeptical.