Designed to appeal to a wide audience, "The Bloody Flag "combines inquiry into the nature of nationalism with historical illustrations of its influence. The Romanian context is exemplary of many newly liberated nations facing the possibility of ethnic violence and antidemocratic resurgence. As Pilon points out, numerous representatives of the old order remain entrenched in power and there is real danger that the defeated elites will attempt to harness nationalist energies for their own ends. If they succeed, the world may witness the rise of new authoritarian regimes to replace the old communist ones.
Pilon argues that the best hope for Romanians, and for all the peoples of Eastern Europe, is to embrace the positive aspects of nationalism while rejecting the negative. The political system that can allow them to do this is the classical-liberal model defended by such figures as Ludwig von Mises and Friedrich Hayek--a model that makes possible the peaceful coexistence of different nationalities by protecting the rights of individuals and leaving them free to pursue their own interests. Graced with a foreword by the eminent historian Robert Conquest, "The Bloody Flag "is an important contribution to the understanding of current and future events in Europe.