Terence Halliday and Bruce Carruthers' book Bankrupt: Global Lawmaking and Systemic Financial Crisis is a major work, providing new ways to see and assess the relation of global normmaking and national lawmaking. The authors build and apply theory along the following dimensions within a single book, addressing (a) the construction of global normmaking; (b) the intermediating processes through which global norms are conveyed to national settings; (c) the national enactment and implementation of global norms and (d) the recursive processes through which global normmaking and national lawmaking interact dynamically over time. They engage in ‘emergent analytics’ in that they build theory inductively as part of a dynamic, interactive process with empirical assessment of practice (Nourse and Shaffer, 2009), in their case from sustained field work in multiple sites of global and national governance. By immersing themselves in this substantive topic over years, the authors provide us with insights found nowhere else in the law and globalization literature. After providing a brief overview of some of the authors' key findings, this essay examines the challenges that this work faces if it is to have a long-term theoretical impact, as it merits.