There is a particular narrative about Ronald Reagan and the end of the Cold War that has always struck me as compelling. I bought the argument at the time and I think I still do, to some extent, even though I’m hardly a Reagan fan.
The story goes like this: Reagan was able to finally win the Cold War and drive a stake through the heart of the Evil Empire because he realized that the Soviet economy was already badly overextended trying to prop up the war machine. All he had to do was accelerate the arms race, dramatically increasing military spending (while also amping up the sabre-rattling rhetoric) and that would force the Russkis to bankrupt themselves trying to compete. Read more