During election campaigns, presidential candidates, policy leaders, and pundits pander to both American fears and desires when they demand that the U.S. should pursue “energy independence” by eliminating oil imports. This has been a rallying cry of every President since the 1970s when American domestic production began a steady decline that continues through today.

Is energy independence a realistic policy, or as we are a part of one globally integrated economy, do we need a more relevant global energy strategy that captures the inherent economic and financial vulnerabilities associated with our age of irreversible interdependence?

The next decade holds mind-bending promise for American business. Globalization is prying open vast new markets. Technology is plowing ahead, fueling--and transforming--entire industries, creating services we never thought possible. Clever people worldwide are capitalizing every which way. But because globalization and technology are morally neutral forces, they can also drive change of a different sort. We saw this very clearly on September 11 and are seeing it now in Iraq and in conflicts around the world. In short, despite the aura of limitless possibility, our lives are evolving in ways we can control only if we recognize the new landscape. It's time to take an unblinking look.