Financial Globalization Needs Global Oversight

Published September 5, 2007

Americans, quite rightly, are concerned about the safety of products they import from China. This is why they are insisting that the Chinese adopt stronger standards for toys, for example, and even let Americans conduct factory inspections there.

But, it turns out, one of the leading U.S. exports–complex financial products–is posing an even greater threat to the world economy. So why shouldn't...