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Three major factors characterize the American campaign. First, America’s weakening position in the international scene, stemming from the unfortunate Iraqi experience. Secondly, a steep deterioration of the economy, linked to the present business cycle and to deeper trends as well. Lastly, the break up of the 'Reagan’s coalition' (business interests/religious integrism/foreign policy hawks) that could for a long time alter the domestic political map.Patrick Chamorel is Senior Scholar at the Hoover Institution on War, Revolution and Peace and at the Stanford University in Washington where he teaches political science.