This is an edited version of a debate held at Columbia Law School on February 21, 2005. The event was co-sponsored by the Columbia Journal of Transnational Law and the Federalist Society. All footnotes have been supplied by the Editors of the Journal with the approval of Professors Bradley, Damrosch, and Flaherty. The conversational style of the debate has been retained. All errors should be attributed to the Journal. The Journal would like to thank Professors Bradley, Damrosch, and Flaherty for their participation in this event and the subsequent editing of the transcript. The Journal would also like to thank Blaine Evanson and the Federalist Society for co-sponsoring this event.