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 Russia Eurasia Center

Commentary
Carnegie Politika
Lukashenko’s Bromance With Trump Has a Sell-By Date
Lukashenko is willing to make big sacrifices for an invitation to Mar-a-Lago or the White House. He also knows that the clock is ticking: he must squeeze as much out of the Trump administration as he can before congressional elections in November leave Trump hamstrung or distracted.
Artyom Shraibman
Commentary
Carnegie Politika
What the Russian Energy Sector Stands to Gain From War in the Middle East
The future trajectory of the U.S.-Iran war remains uncertain, but its impact on global energy trade flows and ties will be far-reaching. Moscow is likely to become a key beneficiary of these changes; the crisis in the Gulf also strengthens Russia’s hand in its relationships with China and India, where advantages might prove more durable.
Sergey Vakulenko
Commentary
Carnegie Politika
Beyond Oil: Hormuz Closure Puts Russia in the Lead in the Fertilizer Market
The Kremlin expects to not only profit from rising fertilizer prices but also exact revenge for the collapse of the 2023 grain deal.
Alexandra Prokopenko
Paper
A Tight Spot: Challenges Facing the Russian Oil Sector Through 2035
Russian oil production is remarkably resilient to significant price changes, but significant political headwinds may lead to a drop regardless of economics.
Sergey Vakulenko
Commentary
Carnegie Politika
Georgia’s Fall From U.S. Favor Heralds South Caucasus Realignment
With the White House only interested in economic dealmaking, Georgia finds itself eclipsed by what Armenia and Azerbaijan can offer.
Bashir Kitachaev

Credit Crisis More Damaging Than September 11

More Work from Carnegie Russia Eurasia Center

Commentary

Carnegie Politika

Lukashenko’s Bromance With Trump Has a Sell-By Date

Lukashenko is willing to make big sacrifices for an invitation to Mar-a-Lago or the White House. He also knows that the clock is ticking: he must squeeze as much out of the Trump administration as he can before congressional elections in November leave Trump hamstrung or distracted.

Artyom Shraibman

Commentary

Carnegie Politika

What the Russian Energy Sector Stands to Gain From War in the Middle East

The future trajectory of the U.S.-Iran war remains uncertain, but its impact on global energy trade flows and ties will be far-reaching. Moscow is likely to become a key beneficiary of these changes; the crisis in the Gulf also strengthens Russia’s hand in its relationships with China and India, where advantages might prove more durable.

Sergey Vakulenko

Commentary

Carnegie Politika

Beyond Oil: Hormuz Closure Puts Russia in the Lead in the Fertilizer Market

The Kremlin expects to not only profit from rising fertilizer prices but also exact revenge for the collapse of the 2023 grain deal.

Alexandra Prokopenko

Paper

A Tight Spot: Challenges Facing the Russian Oil Sector Through 2035

Russian oil production is remarkably resilient to significant price changes, but significant political headwinds may lead to a drop regardless of economics.

Sergey Vakulenko

Commentary

Carnegie Politika

Georgia’s Fall From U.S. Favor Heralds South Caucasus Realignment

With the White House only interested in economic dealmaking, Georgia finds itself eclipsed by what Armenia and Azerbaijan can offer.

Bashir Kitachaev