The cross-border financial crisis that began in the United States in the summer of 2007 tested a 30-year experiment in international integration. In the background were expanding macroeconomic imbalances that leading states had neglected to address. Spawned by imprudence and regulatory failures,...

Despite the fragility of authoritative governing institutions at the international level, the politi-cal capacity to deal with global risks is developing. The sense of legitimacy that will ultimately derive from a deeply transnational sense of shared fate continues to lag, but even in that...

A former banker and staff member of the International Monetary Fund, Louis W. Pauly explains why people are deeply concerned about the emergence of a global economy and the increasingly integrated capital markets at its heart. In nations as diverse as.