ABSTRACT The financial crisis was caused by the complex, constantly growing web of regulations designed to constrain and redirect modern capitalism. This complexity made investors, bankers, and perhaps regulators themselves ignorant of regulations promulgated across decades and in different “fields” of regulation. These regulations interacted with each other to foster the issuance and securitization of subprime mortgages; their rating as AA or AAA; and previously their concentration on the balance sheets (and off the balance sheets) of many commercial and investment (...) banks. As a practical matter, it was impossible to predict the disastrous outcome of these interacting regulations. This fact calls into question the feasibility of the century‐old attempt to create a hybrid capitalism in which regulations are supposed to remedy economic problems as they arise. (shrink)

ABSTRACT The common claim that American foreign policy is “imperial” is contradicted by the fact that the actual, definable historical empires have characteristically exercised formal, as well as decisive, control over their peripheral dependencies—properties that the keenest analysts do not ascribe to the geopolitical system that has been constructed by the United States. Why, then, the ascription of “empire” to the United States? One reason is to condemn American foreign policy by linking it to the unjust, destructive, and self‐destructive tendencies (...) that are held to be inherent in a nation’s quest for, and maintenance of, “empire.” The variant of this anti‐imperial thesis that has been the special province of certain conservatives and libertarians appropriates the “empire” thesis to invent non‐security motives for American foreign policies, and correspondingly to denigrate security threats to the United States. Yet—ironically—as with the more characteristic left‐wing anti‐imperialism, the conservative‐libertarian version exemplifies a cultural dimension of the strategic situation of the United States: Far from being an “empire,” or even an accomplished hegemon, America is better described (metaphorically) as the object of a multi‐pronged “siege.”. (shrink)

On August 30, 2013, the American Political Science Association sponsored a roundtable on political epistemology as part of its annual meetings. Co-chairing the roundtable were Jeffrey Friedman, Department of Government, University of Texas at Austin; and Hélène Landemore, Department of Political Science, Yale University. The other participants were Scott Althaus, Department of Political Science, University of Illinois at Urbana-Champaign; Mark Bevir, Department of Political Science, University of California at Berkeley; Rogers Smith, Department of Political Science, University of Pennsylvania; and Susan (...) Stokes, Department of Political Science, Yale University. We thank the participants for permission to republish their remarks, which they subsequently edited for clarity. (shrink)