When I was at the World Bank, it would often be said in the face of obvious failure that our strategy was… — Joseph E. Stiglitz

Limited liability should not be sacrosanct. Like property rights—including intellectual property—it is a creation of man, to provide appropriate incentives; when that artifice fails to fulfill its social function, it needs to be modified.

The era of multilateral trade liberalization seems to be nearing an end (at least for a while), as well-founded disillusionment in the developing countries combines with growing protectionist sentiment in the developed world.

I have argued that simply as a matter of fairness in trade, it is intolerable for one country to provide, in effect, emission subsidies to its firms. [...] Europe must use the foundations of the international trade law we have created to force any recalcitrant country, any rogue state—including the United States—to behave responsibly.