The greatest challenge to the sustainability of our current era of globalization comes from within the United States. Most Americans have come to reject globalization. We must discern the lessons from the parts of the developed world where the backlash is also profound—France, for...

Why were capital controls orthodox in 1944, but heretical in 1997? The scholarly literature, following the conventional wisdom, focuses on the role of the United States in promoting capital liberalization. Although the United States encouraged capital liberalization bilaterally, US policy makers...