Bangladesh, May 22 -- The United States has unprecedented power to conduct military strikes anywhere around the world, to impose damaging tariffs and sanctions, and to mete out punishment far beyond its borders in coordination with allies. Few states have possessed so many instruments of coercion, and fewer still have been able to achieve so much leverage through private firms, foreign governments, and the networks of global exchange.

But these tools are expensive to maintain, because they depend on preserving the order they exploit. Applying force drains blood, treasure, and legitimacy. Tariffs and financial sanctions encourage alternative trade arrangements and payment systems. The alliances that magnify US pressure can give rise to bu...