Last week, U.S. President Bill Clinton set out his foreign-policy framework and goals for the last two years of his term. In a speech to California business and political leaders, he urged Americans to "embrace the inexorable logic of globalization." For Mr. Clinton, that translates into a policy of active engagement with the world. It is a reassuring message for anyone who feared a U.S. retreat from the many dangers and uncertainties that can be found throughout the world today. There is just one small matter: There are very few people who actually fear such an outbreak of isolationism. The more pressing concern of American friends and allies is the Clinton administration's perceived inability to pick its priorities. The unwillingness to do just that is the chief threat to U.S. engagement overseas, and there are few signs that Mr. Clinton has responded to this challenge.

The president's logic is hard to fault. The march of globalization is inexorable. U.S. interests -- like those of many other nations -- are tied to events taking place half a world away. The U.S. has, by virtue of its economic and military power, a unique responsibility to the world. Indeed, it makes far more sense to stop conflicts before they fester and spread.

But even the United States' resources are limited, and, as has become increasingly evident in recent years, massive military strength and a roaring economy are no substitutes for sheer determination and a willingness to fight and die for a cause. The administration's failure to recognize the limits of U.S. power will preclude the effective use of that power in the years to come.