Fracture toughness of brittle amorphous polymers (e.g. polymethyl methacrylate (PMMA)) has been reported to decrease with loading rate at moderate rates and increase abruptly thereafter to close to 5 times the static value at very high loading rates. Dynamic fracture toughness that is much higher than the static values has attractive technological possibilities. However, the reasons for the sharp increase remain unclear. Motivated by these observations, the present work focuses on the dynamic fracture behavior of polycarbonate (PC), which is also an amorphous polymer but unlike PMMA, is ductile at room temperature. Towards this end, a combined experimental and numerical approach is adopted. Dynamic fracture experiments at various loading rates are conducted on single edge notched (SEN) specimens with a notch of radius 150μm, using a Hopkinson bar setup equipped with ultra high-speed imaging (>105fps) for real-time observation of dynamic processes during fracture. Concurrently, 3D dynamic finite element simulations are performed using a well calibrated material model for PC. Experimentally, we were able to clearly capture the intricate details of the process, for both slowly and dynamically loaded samples, of damage nucleation and growth ahead of the notch tip followed by unstable crack propagation. These observations coupled with fractography and computer simulations led us to conclude that in PC, the fracture toughness remains invariant with loading rate at Jfrac=12±3kN/m for the entire range of loading rates (J̇) from static to 1×106kN/m−s. However, the damage initiation toughness is significantly higher in dynamic loading compared to static situations. In dynamic situations, damage nucleation is quickly followed by initiation of radial crazes from around the void periphery that initiate and quickly bridge the ligament between the initial damaged region and the notch. Thus for PC, two criteria for two major stages in the failure process emerge. Firstly, a mean stress based defect initiation is suggested. The value of the critical mean stress for defect initiation under dynamic loading is found to be 115±5MPa, which is significantly higher than its static value of 80MPa. The critical normal plastic stretch needed for crazes to nucleate from the nucleated defect is estimated to be about 1.78±0.2.