Former Secretary of State Madeleine Albright from the Bill Clinton administration and former National Security Advisor Stephen Hadley from the George W. Bush administration discussed America's role in the world.
The session was titled, "Newer World Order: Internationalism and American Security."
They share some insights — and some advice — for the current president and for the presidential candidates who want to replace him.
Stephen Hadley said, "It's a changed world. We're in a new era." He added that presidents need to have leadership ability, a vision for America in the world, character, a knowledge of history and the ability to communicate his or her decisions with the American people.
Madeleine Albright said, "I don't think America should be the country where fear is the governing factor. Hope is the American factor."
The moderator was John Dickerson of CBS News.
The Presidential Ideas Festival is held Tuesday through Thursday and is part of the University of Virginia Miller Center's "Presidency at a Crossroads" project.