In the normal course of events one would have expected the current cocaine epidemic to have run it's course. After all, this is the 4th time it's come into vogue in the US.

There are other drugs which can do what cocaine does, only better. They are "designer drugs" which leave folks feeling energized and euphoric without having their heart hit the wall and without quite the "crash". Of course, the "crash" is one of the things which sells so much cocaine. Once someone has started taking it, the only way to avoid it is to keep taking it until absolutely exhausted and you sleep through the ensuing depression.

However, because of the infrastructure, the production, distribution, banking, that cocaine enjoys, competing drug production doesn't stand much of a chance. As you said, there's an enormous inertia, and an ability to control price which discourages other drug production except as a novelty.

If the "war on drugs" ever manages to shut down the South American production of cocaine, then that same infrastructure will become available for the next generation of "feelgoods".

It's the infrastructure.

And, as an aside. If the US cannot stop the production, importation and distribution of hundreds and hundreds of tons of illegal drugs, what chance do you think they have of preventing terrorism?

Arf