Hamilton's principle of stationary action lies at the foundation of theoretical physics and is applied in many other disciplines from pure mathematics to economics. Despite its utility, Hamilton's principle has a subtle pitfall that often goes unnoticed in physics: it is formulated as a boundary value problem in time but is used to derive equations of motion that are solved with initial data. This subtlety can have undesirable effects. I present a formulation of Hamilton's principle that is compatible with initial value problems. Remarkably, this leads to a natural formulation for the Lagrangian and Hamiltonian dynamics of generic non-conservative systems, thereby filling a longstanding gap in classical mechanics. Thus dissipative effects, for example, can be studied with new tools that may have application in a variety of disciplines. The new formalism is demonstrated by two examples of non-conservative systems: an object moving in a fluid with viscous drag forces and a harmonic oscillator coupled to a dissipative environment.Hamilton's principle of stationary action [1] is a cornerstone of physics and is the primary, formulaic way to derive equations of motion for many systems of varying degrees of complexity -from the simple harmonic oscillator to supersymmetric gauge quantum field theories. Hamilton's principle relies on a Lagrangian or Hamiltonian formulation of a system, which account for conservative dynamics but cannot describe generic non-conservative interactions. For simple dissipation forces local in time and linear in the velocities, one may use Rayleigh's dissipation function [1]. However, this function is not sufficiently comprehensive to describe systems with more general dissipative features like history-dependence, nonlocality, and nonlinearity that can arise in open systems.The dynamical evolution and final configuration of non-conservative systems must be determined from initial conditions. However, it seems under-appreciated that while initial data may be used to solve equations of motion derived from Hamilton's principle, the latter is formulated with boundary conditions in time, not initial conditions. This observation may seem innocuous, and it usually is, except that this subtlety may manifest undesirable features. Remarkably, resolving this subtlety opens the door to proper Lagrangian and Hamiltonian formulations of generic non-conservative systems.An illustrative example. To demonstrate the shortcoming of Hamilton's principle, consider a harmonic oscillator with amplitude q(t), mass m, and frequency ω coupled with strength λ to another harmonic oscillator with amplitude Q(t), mass M , and frequency Ω. The action for this system isThe total system conserves energy and is Hamiltonian but q(t) itself is open to exchange energy with Q and should thus be non-conservative. For a large number of Q oscillators the open (sub)system dynamics for q ought to be dissipative. Let us account for the effect of the Q oscillator on q(t) by finding solutions only to the equations of motion for Q and inse...