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From SourceWatch

Pax Americana comes from the Latin term of "Pax Romana". The latter means the Roman Peace, which came from the lack of opposing nations. It was a period from 27 BCE to 180 CE, in which Rome included all lands around the Mediterranean Sea and most of Northwest Europe.

The term "Pax Americana" means essentially the same thing: an American empire without the opposition of any state. This is the intent of the neocons.