This book is the first of a series in which RAND will explore the elements of a national strategy for the conduct of U.S. foreign policy in a fast-changing world. Here, we lay out the major choices facing the next American administration both globally and in three critical regions. The initial chapters lay out alternatives for managing the world economy and the national defense, countering international terrorism, handling conflict in the cyber domain, and dealing with climate change. Subsequent chapters examine in more detail the choices to be faced in Europe, the Middle East, and East Asia. The final section proposes broad strategic guidelines that can inform and guide these choices.