Days before his country signed a deal to normalize ties with Israel, the Emirati Ambassador to the US penned an article in Hebrew, directly addressing Israelis. Israel, he argued, faced a choice between engagement with the rest of the region, or isolation. His words struck a chord then, and will continue to ring true in the decades to come.Michael A. Horowitz tells the unfolding story of this decision: of tension between the hope ushered in by the normalization agreements, and the enduring despair both Israelis and Palestinians feel about the waning prospects of peace. Rather than examining the past, Horowitz looks to Israel's future--one marked by new opportunities, but also tremendous challenges, as the country tries to find its place in a region trying to find itself.Israel is a ship in a storm, navigating a "new" Middle East where unfinished revolutions, regional competition, perceived US disengagement and an unstable but menacing Iran all warrant caution. In the "promised land" itself, existing gaps are widening, and the space for optimism is shrinking. _Hope and Despair_ is a brutally honest exploration of what lies ahead for Israel: the waves, the winds, and the ray of light above the clouds.