The postwar era has ended. The institutional structures that the United States sponsored are less relevant or less accepted now, and the US is unable to solve its major domestic problems. In 1944–46, the US led the world toward new international arrangements that promoted freer markets,...

Purpose The purpose of this paper is to propose reforms that would establish a credible framework of rules to constrain and guide emergency lending by the Federal Reserve and by fiscal authorities during a future financial crisis. Design/methodology/approach The authors propose a set of five...