The global financial crisis reflects a failure of global economic governance. The failure of America's regulatory system has not only ramifications for the American economy, but for the global economy. It is clear that the banks' risk management systems could not even protect their own shareholders, let alone the well-being of the global economy. What went wrong? Where did the global financial regulators fail? What can we do to minimize the downturn? And what, if anything, can we do to prevent a recurrence? What are the lessons for global governance in the 21st Century?