http://thezman.com/wordpress/?p=15929
He compares the economics of monarchical empires to the modern multi-ethnic states like the Soviet Union and present day America. Z-Man says that the monarchical empires valued their vassals because they produced wealth for the emperor but that the USA openly exploits the “social capital” of its society for short term gain. His thesis is that this is a new situation and it is not clear whether this exploitation can be made stable or whether it will completely undermine the state and collapse the whole enterprise.
Pretty depressing reading for the holidays but well thought out.