Thomas Friedman and Michael Mandelbaum argued that the U.S. is facing four major challenges - the globalization of business, the revolution in information technology, the nation’s chronic deficits, and excessive energy consumption - that need to be addressed immediately to sustain the American dream and preserve American power in the world. The authors offered a five-part formula that would enable the country to cope successfully with the challenges it faces. They responded to questions from members of the audience at Johns Hopkins University’s School of Advanced International Studies.