The first edition of this book appeared in October, 1918, a few weeks before the signing of the Armistice, when the United States was at the high tide of its power and influence. In view of the subsequent course of events, some of my readers may question the propriety of the original title. In fact, one of my friends has suggested that a more appropriate title for the new edition would be "From Isolation to Leadership, and Back." But I do not regard the verdict of 1920 as an expression of the final judgment of the American people. The world still waits on America, and sooner or later we must recognize and assume the responsibilities of our position as a great world power. The first nine chapters are reprinted with only a few verbal changes. Chapter X has been rewritten, and chapters XI and XII have been added.