The U.S. relies on multilateral institutions like the World Bank to support its foreign policy goals, but the need to compromise with other shareholders can undermine success.

“We should look back on 1944 with a great sense of awe and responsibility” for what could have gone very differently with American history and the Cold War, says Senior Fellow Benn Steil.

The U.S. presidential election isn’t just a domestic affair. What Biden does will have major consequences for foreign policy and world security.

Policymakers face complex cost-benefit considerations when intervening in the market to mitigate perceived risks, from climate change to competition with China.

The truth is that his tenure as secretary of state was often rocky, and as full of setbacks as acclaim.