Credit Crisis More Damaging Than September 11

{
  "authors": [
    "David Rothkopf"
  ],
  "type": "legacyinthemedia",
  "centerAffiliationAll": "",
  "centers": [
    "Carnegie Endowment for International Peace"
  ],
  "collections": [],
  "englishNewsletterAll": "",
  "nonEnglishNewsletterAll": "",
  "primaryCenter": "Carnegie Endowment for International Peace",
  "programAffiliation": "",
  "programs": [],
  "projects": [],
  "regions": [
    "North America",
    "United States"
  ],
  "topics": [
    "Economy",
    "Trade"
  ]
}

In The Media

Credit Crisis More Damaging Than September 11

While the attacks of September 11, 2001 scarred the U.S. deeply, the current financial crisis may prove to have more lasting ramifications. Historians are more likely to see the economic crisis as a true global watershed: as the era of pure neoliberal economics abruptly ends, the U.S. must now decide whether to embrace a new American capitalism and accept greater government involvement.

By David Rothkopf

Published on Oct 6, 2008

Source: NPR's Talk of the Nation

While the attacks of September 11, 2001 scarred the U.S. deeply, the current financial crisis may prove to have more lasting ramifications than 9/11. As David Rothkopf explains, historians are more likely to see the current economic crisis as a true global watershed, marking the end of a neoliberal era in which politicians were content to “leave it to the markets.” As this era abruptly ends, the government must step in and play a larger role in the next era of economic policy, and we need leaders who can tackle this challenge.

As the country struggles to define a new American capitalism, it must also recognize that the global implications of the crisis are deepening day by day. In searching for solutions, the real problem will be figuring out how to regulate global markets, which are beyond the reach of a single national government. We must “re-think government from the bottom-up” and begin to create effective global mechanisms for governance, in order to avoid further catastrophe and lessen the inequalities created by laissez-faire capitalism.

Click here to listen to the full interview.

About the Author

David Rothkopf

Former Visiting Scholar

David Rothkopf was a visiting scholar at the Carnegie Endowment as well as the former CEO and editor in chief of the FP Group.

Recent Work

In The Media
How Bush, Obama, and Trump Ended Pax Americana
- David Rothkopf
In The Media
A Bigger Clubhouse
- David Rothkopf

Economy Trade North America United States

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

More Work from Carnegie Endowment for International Peace

Paper
Recasting American Power in Latin America
Washington needs to recognize that influence in the Western Hemisphere comes from presence, delivery, and reliability. It also must recognize that while the United States remains the key external actor, it no longer operates in a permissive environment and cannot presume deference from regional players who have other options, namely China.
Juan S. Gonzalez
Commentary
Carnegie Politika
Have U.S.-Belarusian Negotiations Stalled?
Minsk clearly expected the dialogue with Washington to yield more results, in particular the lifting of EU sanctions and permission to export potash.
Artyom Shraibman
Commentary
Strategic Europe
A Black Sea Truce Is About Global Food Security, Too
A summer of escalation in the Black Sea has hurt Ukraine economically and is exacerbating world food security. A truce is needed—as is a broader reframing of Europe’s Ukraine strategy.
Thomas de Waal
Commentary
Diwan
Three Ruptures and the End of Pax Americana in the Middle East
As the U.S. stumbles in its war with Iran, we are likely to see an acceleration of its disengagement from the region.
Michael Young
Commentary
Emissary
Who Puts Guardrails on AI?
Why governance of rapidly evolving technology will be distributed and complex.
Stewart Patrick, Scott Singer

Credit Crisis More Damaging Than September 11

More Work from Carnegie Endowment for International Peace

.S. Secretary of Energy Chris Wright speaks with Venezuela's interim president, Delcy Rodríguez during a press conference regarding the oil agreement reached by the US government and Venezuela on September 2, 2026 in Caracas, Venezuela.

Paper

Recasting American Power in Latin America

Washington needs to recognize that influence in the Western Hemisphere comes from presence, delivery, and reliability. It also must recognize that while the United States remains the key external actor, it no longer operates in a permissive environment and cannot presume deference from regional players who have other options, namely China.

Juan S. Gonzalez

Commentary

Carnegie Politika

Have U.S.-Belarusian Negotiations Stalled?

Minsk clearly expected the dialogue with Washington to yield more results, in particular the lifting of EU sanctions and permission to export potash.

Artyom Shraibman

Commentary

Strategic Europe

A Black Sea Truce Is About Global Food Security, Too

A summer of escalation in the Black Sea has hurt Ukraine economically and is exacerbating world food security. A truce is needed—as is a broader reframing of Europe’s Ukraine strategy.