Since the late 1950s the world's banks have expanded their global operations, with US institutions leading the way. As the recent global economic crisis shows, actions of private bankers can threaten capital markets, weaken national regulatory systems, and strain international cooperation-seriously endangering the world economy and the interests of nation states.

Peter Dombrowski is professor and chair of the Strategic Research Department at the US Naval War College and adjunct professor of political science at the Watson Institute for International Studies at Brown University.