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171. Wilson’s Radical Vision for Global Governance

Author:
Erez Manela
Publication Date:
04-2008
Content Type:
Working Paper
Institution:
MIT Center for International Studies
Abstract:
In recent years, Woodrow Wilson has returned to feature promi- nently in the public discourse on the role of the United States in the world. For students of U.S. foreign relations, this is hardly a sur- prising development. Wilson was responsible for articulating a vision of the U.S. role in the world—usually described as “liberal interna- tionalism”—that has remained, despite well-known flaws and scores of critics over the years, dominant in shaping American rhetoric and self-image, if not always policies, vis-à-vis the rest of the world. Competing foreign policy postures, such as isolationism or “national interest” realism, have surely been influential in particular eras and contexts. But they have failed to match the ideological and popular appeal of liberal internationalism, which has echoed so compellingly the most basic ideas many Americans hold about who they are, what their country is about, and what it should stand for in the world.
Topic:
Foreign Policy, Governance, Leadership, and Liberalism
Political Geography:
North America and United States of America

172. The Global Financial Crisis and Obstacles to U.S. Leadership

Author:
David Singer
Publication Date:
10-2008
Content Type:
Working Paper
Institution:
MIT Center for International Studies
Abstract:
The regulatory environment in the U.S., however, is likely to change. The Treasury’s blueprint calls for the disman- tling of OTS, the enhancement of the Fed’s supervisory authority, and the creation of a national insurance regulator to replace the 50 separate regulators. Regulatory consolida- tion in the U.S. might be the most important catalyst for the creation of new international regulatory standards in banking. Consider the immense challenges of creating a global standard—which most likely cannot occur without U.S. support—when the agencies within the U.S. are at odds with one another! Ironically, U.S. investment banks themselves may have cleared one obstacle to international coopera- tion: the remaining free-standing securities firms (Goldman Sachs and Morgan Stanley) have opted to transform themselves into bank holding companies. This move reduces the SEC’s influence and gives the Fed a more uniform role in supervising financial institutions. Nevertheless, there is still consider- able fragmentation in the regulation of a range of activities that clearly have an important bearing on the stability of the banking system. If today’s financial crisis triggers the institutional consolidation of domestic financial regulation, then fruitful international negotiations will be more likely in the future. But until such consolidation occurs, the welter of U.S. regulatory agencies will face considerable obstacles in addressing the complicated inter- actions between banking, disintermediation, and capital markets that are at the root of today’s financial crisis. And the fragmentation of accountability among regulators and policymakers will continue to hamper U.S. leadership in preventing such a terrible crisis from happening again.
Topic:
Governance, Regulation, Financial Institutions, and Banking
Political Geography:
North America and United States of America