If it were not in such an important teapot, the argument would be a tiny tempest indeed, a disagreement among a small group of men over the editorship of a publication that sells slightly more than 70,000 copies every three months. But the publication is Foreign Affairs—the most prestigious journal of its kind in the world. And the quarrel is a family matter for a major segment of the nation's intellectual and political Establishment—the nearly 1,500 members of the Council on Foreign Relations.
The trouble began brewing in March with the announcement that William Bundy, 54, a former Kennedy and...