Challenging triumphalism and convergence: The limits of global liberalization in Asia and Latin America

Review of International Studies

Volumn 26, Issue 3, 2000, Pages 359-379

  Higgott, Richard ^a   Phillips, Nicola ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0040194028     PISSN: 02602105     EISSN: None     Source Type: Journal    
DOI: 10.1017/S0260210500003594     Document Type: Article

References (113)

1. Frances Fukuyama, The End of History and the Last Man (New York: Free Press, 1992).
2. Nowhere is this better exemplified than in Mortimer Zuckerman's euphoric 'A Second American Century', Foreign Affairs, 77:3 (1998), pp. 18-31.
3. For a discussion see Waldon Bello, 'East Asia on the Eve of the Great Transformation', Review of International Political Economy, 5:3 (1998), pp. 33-6.
4. Paul Blustein, 'Financial Crisis May Stall Capitalism's Global March', International Herald Tribune, 7 September 1998.
5. We are conscious of the contested nature of the term 'globalization'. We use it here to refer principally to the progressive integration, liberalization, deregulation and privatization of the international economy and its constituent parts. In this sense, we refer to the dominant policy and economic understandings of the term, without ignoring the complexity of its contemporary usage.
6. Gary Burtless, Robert Z. Lawrence, Robert E. Litan and Robert J. Shapiro, Globaphobia: Confronting Fears About Open Trade (Washington: Brookings, 1998).
7. We use the terms interchangeably, although the latter is decidedly euphemistic in many cases.
8. We use 'Washington Consensus' here to mean a set of neoliberal policy principles focusing on privatization, financial deregulation, trade liberalization, labour flexibilization, fiscal and tax reform. An added assumption is that these policies are accompanied by 'liberal' politics.
9. See especially Suzanne Berger and Ronald Dore (eds.), National Diversity and Global Capitalism (Ithaca: Cornell, 1996); Robert Boyer and Daniel Drache (eds.), States Against Markets: The Limits of Globalization (London and New York: Routledge, 1996); Paul Doremus, William Keller, Louis Pauly and Simon Reich, The Myth of the Global Corporation (Princeton, NJ: Princeton University Press, 1998).
10. See especially Suzanne Berger and Ronald Dore (eds.), National Diversity and Global Capitalism (Ithaca: Cornell, 1996); Robert Boyer and Daniel Drache (eds.), States Against Markets: The Limits of Globalization (London and New York: Routledge, 1996); Paul Doremus, William Keller, Louis Pauly and Simon Reich, The Myth of the Global Corporation (Princeton, NJ: Princeton University Press, 1998).
11. See especially Suzanne Berger and Ronald Dore (eds.), National Diversity and Global Capitalism (Ithaca: Cornell, 1996); Robert Boyer and Daniel Drache (eds.), States Against Markets: The Limits of Globalization (London and New York: Routledge, 1996); Paul Doremus, William Keller, Louis Pauly and Simon Reich, The Myth of the Global Corporation (Princeton, NJ: Princeton University Press, 1998).
12. The debate cannot be discussed in detail here. Its origins as a representation of a struggle between Anglo-American laissez-faire, European social market or Rhineland capitalism and the Asian developmental state are caricatured in the works of Michel Albert, Capitalism against Capitalism, (London: Whurr, 1993); Jeffrey Garten, Cold Peace: America, Japan, Germany and the Struggle for Supremacy (New York: Random House, 1993); Lester Thurow, Head to Head: The Coming Economic Battle among Japan, Europe and America (London: Nicholas Brealey, 1992).
13. The debate cannot be discussed in detail here. Its origins as a representation of a struggle between Anglo-American laissez-faire, European social market or Rhineland capitalism and the Asian developmental state are caricatured in the works of Michel Albert, Capitalism against Capitalism, (London: Whurr, 1993); Jeffrey Garten, Cold Peace: America, Japan, Germany and the Struggle for Supremacy (New York: Random House, 1993); Lester Thurow, Head to Head: The Coming Economic Battle among Japan, Europe and America (London: Nicholas Brealey, 1992).
14. The debate cannot be discussed in detail here. Its origins as a representation of a struggle between Anglo-American laissez-faire, European social market or Rhineland capitalism and the Asian developmental state are caricatured in the works of Michel Albert, Capitalism against Capitalism, (London: Whurr, 1993); Jeffrey Garten, Cold Peace: America, Japan, Germany and the Struggle for Supremacy (New York: Random House, 1993); Lester Thurow, Head to Head: The Coming Economic Battle among Japan, Europe and America (London: Nicholas Brealey, 1992).
15. See James Wolfensohn and Joseph Stiglitz, 'Growth is Not Enough', The Financial Times, 22 September, 1999, and Joseph Stiglitz, 'Towards a New Paradigm for Development: Strategies, Policies and Processes', The 1998 Prebisch Lecture (Geneva: UNCTAD, 19 October, 1998). To be found at http://www. worldbank.org/html/etme/jssp101998.htm
16. See James Wolfensohn and Joseph Stiglitz, 'Growth is Not Enough', The Financial Times, 22 September, 1999, and Joseph Stiglitz, 'Towards a New Paradigm for Development: Strategies, Policies and Processes', The 1998 Prebisch Lecture (Geneva: UNCTAD, 19 October, 1998). To be found at http://www. worldbank.org/html/etme/jssp101998.htm
17. For a review of these competing explanations in Asia see Richard Higgott, 'The Asian Economic Crisis: A Study in the Politics of Resentment', New Political Economy, 3:3 (1998). Of the many general explanations see inter alia the essays in Asia: Rising or Falling, A Foreign Affairs Reader (New York: Council on Foreign Relations, 1998); Mark Beeson, Kanishka Jayasuriya and Richard Robison (eds.), The Asian Economic Crisis: From Miracle to Meltdown (London: Routledge, 1999); Jeffrey Henderson, 'Uneven Crises: Institutional Foundations of East Asian Economic Turmoil', Economy and Society, 28:3 (1999); H. W. Arndt and Hal Hill (eds.), Southeast Asia's Economic Crisis: Origins, Lessons and the Way Forward (Singapore,: Institute of Southeast Asian Studies, 1999); Philippe Delhaise, Asia in Crisis: The Implosion of the Banking and Finance Systems (New York: John Wiley, 1998). See also Roubini's Homepage on the Asian Crisis at http://aff.law.ntu.edu.tw/politics/asiancrisis.html.
18. For a review of these competing explanations in Asia see Richard Higgott, 'The Asian Economic Crisis: A Study in the Politics of Resentment', New Political Economy, 3:3 (1998). Of the many general explanations see inter alia the essays in Asia: Rising or Falling, A Foreign Affairs Reader (New York: Council on Foreign Relations, 1998); Mark Beeson, Kanishka Jayasuriya and Richard Robison (eds.), The Asian Economic Crisis: From Miracle to Meltdown (London: Routledge, 1999); Jeffrey Henderson, 'Uneven Crises: Institutional Foundations of East Asian Economic Turmoil', Economy and Society, 28:3 (1999); H. W. Arndt and Hal Hill (eds.), Southeast Asia's Economic Crisis: Origins, Lessons and the Way Forward (Singapore,: Institute of Southeast Asian Studies, 1999); Philippe Delhaise, Asia in Crisis: The Implosion of the Banking and Finance Systems (New York: John Wiley, 1998). See also Roubini's Homepage on the Asian Crisis at http://aff.law.ntu.edu.tw/politics/asiancrisis.html.
19. For a review of these competing explanations in Asia see Richard Higgott, 'The Asian Economic Crisis: A Study in the Politics of Resentment', New Political Economy, 3:3 (1998). Of the many general explanations see inter alia the essays in Asia: Rising or Falling, A Foreign Affairs Reader (New York: Council on Foreign Relations, 1998); Mark Beeson, Kanishka Jayasuriya and Richard Robison (eds.), The Asian Economic Crisis: From Miracle to Meltdown (London: Routledge, 1999); Jeffrey Henderson, 'Uneven Crises: Institutional Foundations of East Asian Economic Turmoil', Economy and Society, 28:3 (1999); H. W. Arndt and Hal Hill (eds.), Southeast Asia's Economic Crisis: Origins, Lessons and the Way Forward (Singapore,: Institute of Southeast Asian Studies, 1999); Philippe Delhaise, Asia in Crisis: The Implosion of the Banking and Finance Systems (New York: John Wiley, 1998). See also Roubini's Homepage on the Asian Crisis at http://aff.law.ntu.edu.tw/politics/asiancrisis.html.
20. For a review of these competing explanations in Asia see Richard Higgott, 'The Asian Economic Crisis: A Study in the Politics of Resentment', New Political Economy, 3:3 (1998). Of the many general explanations see inter alia the essays in Asia: Rising or Falling, A Foreign Affairs Reader (New York: Council on Foreign Relations, 1998); Mark Beeson, Kanishka Jayasuriya and Richard Robison (eds.), The Asian Economic Crisis: From Miracle to Meltdown (London: Routledge, 1999); Jeffrey Henderson, 'Uneven Crises: Institutional Foundations of East Asian Economic Turmoil', Economy and Society, 28:3 (1999); H. W. Arndt and Hal Hill (eds.), Southeast Asia's Economic Crisis: Origins, Lessons and the Way Forward (Singapore,: Institute of Southeast Asian Studies, 1999); Philippe Delhaise, Asia in Crisis: The Implosion of the Banking and Finance Systems (New York: John Wiley, 1998). See also Roubini's Homepage on the Asian Crisis at http://aff.law.ntu.edu.tw/politics/asiancrisis.html.
21. For a review of these competing explanations in Asia see Richard Higgott, 'The Asian Economic Crisis: A Study in the Politics of Resentment', New Political Economy, 3:3 (1998). Of the many general explanations see inter alia the essays in Asia: Rising or Falling, A Foreign Affairs Reader (New York: Council on Foreign Relations, 1998); Mark Beeson, Kanishka Jayasuriya and Richard Robison (eds.), The Asian Economic Crisis: From Miracle to Meltdown (London: Routledge, 1999); Jeffrey Henderson, 'Uneven Crises: Institutional Foundations of East Asian Economic Turmoil', Economy and Society, 28:3 (1999); H. W. Arndt and Hal Hill (eds.), Southeast Asia's Economic Crisis: Origins, Lessons and the Way Forward (Singapore,: Institute of Southeast Asian Studies, 1999); Philippe Delhaise, Asia in Crisis: The Implosion of the Banking and Finance Systems (New York: John Wiley, 1998). See also Roubini's Homepage on the Asian Crisis at http://aff.law.ntu.edu.tw/politics/asiancrisis.html.
22. For a review of these competing explanations in Asia see Richard Higgott, 'The Asian Economic Crisis: A Study in the Politics of Resentment', New Political Economy, 3:3 (1998). Of the many general explanations see inter alia the essays in Asia: Rising or Falling, A Foreign Affairs Reader (New York: Council on Foreign Relations, 1998); Mark Beeson, Kanishka Jayasuriya and Richard Robison (eds.), The Asian Economic Crisis: From Miracle to Meltdown (London: Routledge, 1999); Jeffrey Henderson, 'Uneven Crises: Institutional Foundations of East Asian Economic Turmoil', Economy and Society, 28:3 (1999); H. W. Arndt and Hal Hill (eds.), Southeast Asia's Economic Crisis: Origins, Lessons and the Way Forward (Singapore,: Institute of Southeast Asian Studies, 1999); Philippe Delhaise, Asia in Crisis: The Implosion of the Banking and Finance Systems (New York: John Wiley, 1998). See also Roubini's Homepage on the Asian Crisis at http://aff.law.ntu.edu.tw/politics/asiancrisis.html.
23. See fn. 10 above.
24. See for example, Robert Packenham, Liberal America and the Third World: Political Development Ideas in Foreign Aid and Social Science (Princeton: Princeton University Press, 1973); Guillermo O'Donnell, Modernization and Bureaucratic Authoritarianism: Studies in South American Politics (Berkeley: University of California Press, 1973); Fernando Henrique Cardoso and Enzo Faletto, Dependency and Development in Latin America (Berkeley: University of California Press, 1979); and Werner Baer, 'Import Substitution and Industrialization in Latin America', Latin American Research Review, 7:1 (1972).
25. See for example, Robert Packenham, Liberal America and the Third World: Political Development Ideas in Foreign Aid and Social Science (Princeton: Princeton University Press, 1973); Guillermo O'Donnell, Modernization and Bureaucratic Authoritarianism: Studies in South American Politics (Berkeley: University of California Press, 1973); Fernando Henrique Cardoso and Enzo Faletto, Dependency and Development in Latin America (Berkeley: University of California Press, 1979); and Werner Baer, 'Import Substitution and Industrialization in Latin America', Latin American Research Review, 7:1 (1972).
26. See for example, Robert Packenham, Liberal America and the Third World: Political Development Ideas in Foreign Aid and Social Science (Princeton: Princeton University Press, 1973); Guillermo O'Donnell, Modernization and Bureaucratic Authoritarianism: Studies in South American Politics (Berkeley: University of California Press, 1973); Fernando Henrique Cardoso and Enzo Faletto, Dependency and Development in Latin America (Berkeley: University of California Press, 1979); and Werner Baer, 'Import Substitution and Industrialization in Latin America', Latin American Research Review, 7:1 (1972).
27. See for example, Robert Packenham, Liberal America and the Third World: Political Development Ideas in Foreign Aid and Social Science (Princeton: Princeton University Press, 1973); Guillermo O'Donnell, Modernization and Bureaucratic Authoritarianism: Studies in South American Politics (Berkeley: University of California Press, 1973); Fernando Henrique Cardoso and Enzo Faletto, Dependency and Development in Latin America (Berkeley: University of California Press, 1979); and Werner Baer, 'Import Substitution and Industrialization in Latin America', Latin American Research Review, 7:1 (1972).
28. John Williamson: 'Implications of the East Asian Crisis for Debt Management' mimeo January 1999.
29. 'Two Kinds of Openness', The Economist, 12 September 1998, p. 106.
30. 'After Brazil', The Economist, 6 February 1999. Brazilian officials, not surprisingly, were claiming that the markets' reaction was 'excessive and exaggerated' in the first week of the devaluation crisis: 'Real crisis forces Brazil to make tough decisions', Financial Times, 17 January 1999.
31. 'After Brazil', The Economist, 6 February 1999. Brazilian officials, not surprisingly, were claiming that the markets' reaction was 'excessive and exaggerated' in the first week of the devaluation crisis: 'Real crisis forces Brazil to make tough decisions', Financial Times, 17 January 1999.
32. Stephen Fidler, Jonathan Wheatley and Ken Warn, 'Continent in Crisis', Financial Times, 12/13 September 1998.
33. Robert Wade, 'Gestalt Shift: From "Miracle" to "Cronyism" in the Asia Crisis', Cambridge Journal of Economics, Bulletin of the Institute of Development Studies, 30:1 (1999), pp. 134-50.
34. At the height of the Thai currency crisis in 1997 one hedge fund had a short-term loan equal to 20 per cent of the countries' official reserves. John Plender, 'Revisiting a Deadly Disease', Financial Times, 21 September 1998.
35. UN Economic Commission for Latin America and the Caribbean (ECLAC), Foreign Direct Investment in Latin America and the Caribbean, 1997 Report (Santiago de Chile).
36. ECLAC, Economic Survey of Latin America and the Caribbean 1997-1998 (Santiago de Chile, September 1998).
37. Financial Times, 16 February 1998, p. 21.
38. Figures from World Bank: Private Capital Flows to Developing Countries: The Road to Financial Integration (New York: Oxford University Press, 1997).
39. 'Little Fear by Direct Investors', International Herald Tribune, 15 March 1999.
40. See for example, Paul Krugman, The Return of Depression Economics (London: Allen Lane, 1999). For a discussion of the implications of the recent economic crises and the 'globalization backlash' on economic thought see Richard Higgott, 'Economics, Politics and (International) Political Economy: The Need for a Balanced Diet in an Era of Globalization', New Political Economy, 4:1 (1999): pp. 23-36.
41. See for example, Paul Krugman, The Return of Depression Economics (London: Allen Lane, 1999). For a discussion of the implications of the recent economic crises and the 'globalization backlash' on economic thought see Richard Higgott, 'Economics, Politics and (International) Political Economy: The Need for a Balanced Diet in an Era of Globalization', New Political Economy, 4:1 (1999): pp. 23-36.
42. See Richard Higgott, 'Economic Globalization and Global Governance: The Anti Politics of the Post Washington Consensus', The United Nations University Project on the UN System in the Twenty-First Century (Paris: October 14-15 1999), mimeo.
43. See Waldon Bello, 'What is does the IMF want in Asia', at Roubini's Homepage on the Asian Crisis at http://aff.law.ntu.edu.tw/politics/asiancrisis.html.
44. Alan Greenspan, speech to the Annual Convention of the Independent Bankers Association of America, 3 March 1998, http://bog.frb.fed.us/board/docs/speeches/19980303.htm
45. For a discussion see Higgott, 'The Asian Economic Crisis'.
46. Most notably see World Bank, The East Asian Miracle: Economic Growth and Public Policy (New York: Oxford University Press, 1993).
47. See Peter Haas (ed.), 'Knowledge, Power and International Policy Coordination', Special Issue, International Organisation, 46:1 (1992).
48. See Richard Robison, Indonesia: The Rise of Capital (Sydney: Allen and Unwin, 1986).
49. On Asia see Richard Higgott, 'Asia Pacific Economic Cooperation: Theoretical Opportunities and Practical Constraints', The Pacific Review, 6:2 (1993): pp. 103-17 and Richard Higgott (ed.) 'Ideas, Policy Networks and International Policy Coordination in the Asia Pacific', Special Issue, The Pacific Review, 7:4 (1994). On Latin America see for example, Juan Gabriel Valdés, Pinochet's Economists: The Chicago School in Chile (Cambridge: Cambridge University Press, 1995); Miguel Angel Centeno, Democracy within Reason: The Technocratic Revolution in Mexico (University Park, PA: Pennsylvania State University Press, 1994).
50. On Asia see Richard Higgott, 'Asia Pacific Economic Cooperation: Theoretical Opportunities and Practical Constraints', The Pacific Review, 6:2 (1993): pp. 103-17 and Richard Higgott (ed.) 'Ideas, Policy Networks and International Policy Coordination in the Asia Pacific', Special Issue, The Pacific Review, 7:4 (1994). On Latin America see for example, Juan Gabriel Valdés, Pinochet's Economists: The Chicago School in Chile (Cambridge: Cambridge University Press, 1995); Miguel Angel Centeno, Democracy within Reason: The Technocratic Revolution in Mexico (University Park, PA: Pennsylvania State University Press, 1994).
51. On Asia see Richard Higgott, 'Asia Pacific Economic Cooperation: Theoretical Opportunities and Practical Constraints', The Pacific Review, 6:2 (1993): pp. 103-17 and Richard Higgott (ed.) 'Ideas, Policy Networks and International Policy Coordination in the Asia Pacific', Special Issue, The Pacific Review, 7:4 (1994). On Latin America see for example, Juan Gabriel Valdés, Pinochet's Economists: The Chicago School in Chile (Cambridge: Cambridge University Press, 1995); Miguel Angel Centeno, Democracy within Reason: The Technocratic Revolution in Mexico (University Park, PA: Pennsylvania State University Press, 1994).
52. On Asia see Richard Higgott, 'Asia Pacific Economic Cooperation: Theoretical Opportunities and Practical Constraints', The Pacific Review, 6:2 (1993): pp. 103-17 and Richard Higgott (ed.) 'Ideas, Policy Networks and International Policy Coordination in the Asia Pacific', Special Issue, The Pacific Review, 7:4 (1994). On Latin America see for example, Juan Gabriel Valdés, Pinochet's Economists: The Chicago School in Chile (Cambridge: Cambridge University Press, 1995); Miguel Angel Centeno, Democracy within Reason: The Technocratic Revolution in Mexico (University Park, PA: Pennsylvania State University Press, 1994).
53. See for example, Richard Capper, 'Seeking to Avoid Yet Another Wild Ride in Latin America', Financial Times, 5 March 1999; 'Menem prometió a lös inversores que la Argentina no devaluaŕa', Clarín (Argentina), 14 January 1999; 'Chile acoge iniciativa del Grupo de los Siete', El Mercurio (Chile), 5 October 1998; and 'No More Peso', The Economist, 23 January 1999.
54. See for example, Richard Capper, 'Seeking to Avoid Yet Another Wild Ride in Latin America', Financial Times, 5 March 1999; 'Menem prometió a lös inversores que la Argentina no devaluaŕa', Clarín (Argentina), 14 January 1999; 'Chile acoge iniciativa del Grupo de los Siete', El Mercurio (Chile), 5 October 1998; and 'No More Peso', The Economist, 23 January 1999.
55. See for example, Richard Capper, 'Seeking to Avoid Yet Another Wild Ride in Latin America', Financial Times, 5 March 1999; 'Menem prometió a lös inversores que la Argentina no devaluaŕa', Clarín (Argentina), 14 January 1999; 'Chile acoge iniciativa del Grupo de los Siete', El Mercurio (Chile), 5 October 1998; and 'No More Peso', The Economist, 23 January 1999.
56. See for example, Richard Capper, 'Seeking to Avoid Yet Another Wild Ride in Latin America', Financial Times, 5 March 1999; 'Menem prometió a lös inversores que la Argentina no devaluaŕa', Clarín (Argentina), 14 January 1999; 'Chile acoge iniciativa del Grupo de los Siete', El Mercurio (Chile), 5 October 1998; and 'No More Peso', The Economist, 23 January 1999.
57. Reported in 'Prevén pronto acuerdo de ayuda del FMI a Brasil', El Mercurio (Chile), 6 October 1998.
58. Joseph Stiglitz, 'Macroeconomic Dimensions of the East Asian Crisis', in Financial Crises in Asia (Centre for Economic Policy Research, Conference Report no. 6, 1998).
59. Linda Y. C. Lim, 'Crisis and Conspiracy', The Far Eastern Economic Review, 19 March 1998.
60. Paul Krugman, 'Saving Asia: It's Time to Get Radical', Fortune, 7 September 1998, and The Return of Depression Economics.
61. Paul Krugman, 'Saving Asia: It's Time to Get Radical', Fortune, 7 September 1998, and The Return of Depression Economics.
62. 'Malaysia Eases Fund Flows', International Herald Tribune, 5 February 1999; 'Malaysia's Defiant Surrender', The Economist, 6 February 1999.
63. 'Malaysia Eases Fund Flows', International Herald Tribune, 5 February 1999; 'Malaysia's Defiant Surrender', The Economist, 6 February 1999.
64. Chile imposed a minimum holding period of 12 months for equity investments and a reserve requirement (encaje) of 30 per cent of the total value of the loan for foreign loans to Chilean entities as a means of avoiding the accumulation of short-term debt. See Williamson: 'The Implications of the East Asian Crisis'; ECLAC: The Impact of the Asian Crisis on Latin America (Santiago de Chile, May 1998), p. 26; ECLAC: Economic Survey of Latin America and the Caribbean, 1997-8, Santiago de Chile, summary p. 21.
65. Chile imposed a minimum holding period of 12 months for equity investments and a reserve requirement (encaje) of 30 per cent of the total value of the loan for foreign loans to Chilean entities as a means of avoiding the accumulation of short-term debt. See Williamson: 'The Implications of the East Asian Crisis'; ECLAC: The Impact of the Asian Crisis on Latin America (Santiago de Chile, May 1998), p. 26; ECLAC: Economic Survey of Latin America and the Caribbean, 1997-8, Santiago de Chile, summary p. 21.
66. Chile imposed a minimum holding period of 12 months for equity investments and a reserve requirement (encaje) of 30 per cent of the total value of the loan for foreign loans to Chilean entities as a means of avoiding the accumulation of short-term debt. See Williamson: 'The Implications of the East Asian Crisis'; ECLAC: The Impact of the Asian Crisis on Latin America (Santiago de Chile, May 1998), p. 26; ECLAC: Economic Survey of Latin America and the Caribbean, 1997-8, Santiago de Chile, summary p. 21.
67. ECLAC, The Impact of the Asian Crisis, p. 39.
68. Financial Times, 27 January 1999.
69. George Soros, 'The Case for Global Finance', The Economist, 12 September 1998.
70. International Herald Tribune, 16 February 1999.
71. C. Wyplosz, 'Global Financial Markets and Financial Crises, Coping with Financial Crises', in Developing and Transition Countries: Regulatory and Supervisory Challenges in a New Era (Amsterdam: Forum on Debt and Development, 16-17 March 1998), p. 4.
72. Barry Eichengreen, Towards a New Financial Architecture (Washington: Institute for International Economics, 1999.)
73. Tito Cordella, 'Can Short-term Capital Controls Promote Capital Inflows? SSRN Electronic Paper Collection, http://papers.ssrn.com/paper.taf.abstract id=139633
74. For a discussion see Ariel Biura, 'An Alternative Approach to Financial Crises', Essays in International Finance, no. 212, Department of Economics, Princeton University, February 1999.
75. Stiglitz, 'Macroeconomic Dimensions of the East Asian Crisis'.
76. See, most notably, Stiglitz: 'Towards a New Paradigm for Development'.
77. For a discussion of the shortcomings of the PWC and the 'new development agenda' rhetoric, see Nicola Phillips and Richard Higgott, 'The Collective Provision of Public Goods under Globalisation: Limits to State Action in Asia and Latin America', in Sally Sargeson (ed.) Shaping Common Futures: Case Studies of Collective Goods, Collective Actions in East and Southeast Asia (London: Routledge, 2001), forthcoming.
78. See, for example, Daniel Naszewski, 'Políticas activas versus piloto automático', El Cronista (Argentina), 18 August 1998.
79. (Cambridge: Polity Press, 1998).
80. 'Malaysia Eases Fund Flows', International Herald Tribune, 5 February 1999; 'Malaysia's Defiant Surrender', The Economist, 6 February 1999; 'Price may be High for Spurning Tough Economic Reforms', Financial Times, 24 June 1999; 'Thailand Ends IMF-inspired Plans and Boosts Spending', Financial Times, 27 March 1999; 'Spending Boost Lifts Malaysian economy', Financial Times, 24 June 1999; 'Asia's Economies: On Their Feet Again?', The Economist, 21 August 1999.
81. 'Malaysia Eases Fund Flows', International Herald Tribune, 5 February 1999; 'Malaysia's Defiant Surrender', The Economist, 6 February 1999; 'Price may be High for Spurning Tough Economic Reforms', Financial Times, 24 June 1999; 'Thailand Ends IMF-inspired Plans and Boosts Spending', Financial Times, 27 March 1999; 'Spending Boost Lifts Malaysian economy', Financial Times, 24 June 1999; 'Asia's Economies: On Their Feet Again?', The Economist, 21 August 1999.
82. 'Malaysia Eases Fund Flows', International Herald Tribune, 5 February 1999; 'Malaysia's Defiant Surrender', The Economist, 6 February 1999; 'Price may be High for Spurning Tough Economic Reforms', Financial Times, 24 June 1999; 'Thailand Ends IMF-inspired Plans and Boosts Spending', Financial Times, 27 March 1999; 'Spending Boost Lifts Malaysian economy', Financial Times, 24 June 1999; 'Asia's Economies: On Their Feet Again?', The Economist, 21 August 1999.
83. 'Malaysia Eases Fund Flows', International Herald Tribune, 5 February 1999; 'Malaysia's Defiant Surrender', The Economist, 6 February 1999; 'Price may be High for Spurning Tough Economic Reforms', Financial Times, 24 June 1999; 'Thailand Ends IMF-inspired Plans and Boosts Spending', Financial Times, 27 March 1999; 'Spending Boost Lifts Malaysian economy', Financial Times, 24 June 1999; 'Asia's Economies: On Their Feet Again?', The Economist, 21 August 1999.
84. 'Malaysia Eases Fund Flows', International Herald Tribune, 5 February 1999; 'Malaysia's Defiant Surrender', The Economist, 6 February 1999; 'Price may be High for Spurning Tough Economic Reforms', Financial Times, 24 June 1999; 'Thailand Ends IMF-inspired Plans and Boosts Spending', Financial Times, 27 March 1999; 'Spending Boost Lifts Malaysian economy', Financial Times, 24 June 1999; 'Asia's Economies: On Their Feet Again?', The Economist, 21 August 1999.
85. 'Malaysia Eases Fund Flows', International Herald Tribune, 5 February 1999; 'Malaysia's Defiant Surrender', The Economist, 6 February 1999; 'Price may be High for Spurning Tough Economic Reforms', Financial Times, 24 June 1999; 'Thailand Ends IMF-inspired Plans and Boosts Spending', Financial Times, 27 March 1999; 'Spending Boost Lifts Malaysian economy', Financial Times, 24 June 1999; 'Asia's Economies: On Their Feet Again?', The Economist, 21 August 1999.
86. See for example, Yeon Ho Lee, 'Market Democratization, Liberalization and State-Chaebol Relations in South Korea Before and After the Crisis, The Pacific Review, 12:3 (1999) and Helen Nesadurai, 'Accommodating Global Markets: Malaysia's Response to Economic Crisis, The Pacific Review, 12:3 (1999).
87. See for example, Yeon Ho Lee, 'Market Democratization, Liberalization and State-Chaebol Relations in South Korea Before and After the Crisis, The Pacific Review, 12:3 (1999) and Helen Nesadurai, 'Accommodating Global Markets: Malaysia's Response to Economic Crisis, The Pacific Review, 12:3 (1999).
88. Ted Bardecke, 'Thailand Ends IMF-inspired Plans and Boosts Spending', Financial Times, 31 March 1999.
89. Lee, 'Market Democratization, Liberalization and State-Chaebol Relations'.
90. The Economist, Survey of Brazil: The Disorders of Progress, 27 March 1999.
91. See Robert Cox, 'Ideologies and the New International Economic Order: Reflections on Some Recent Literature', International Organiz ation, 38:2 (1969).
92. For example, Peter Belohlavek, 'La globalización es una realidad lejana para Venezuela', El Nacional (Venezuela), 8 October 1998; José de Jesús García, 'No aptos para la globalización: países emergentes', Excelsior (Mexico), 7 October 1998; Agustín Rodríguez Trejo, '¿Es el momento de regresar al populismo?', Excelsior (Mexico), 8 October 1998.
93. For example, Peter Belohlavek, 'La globalización es una realidad lejana para Venezuela', El Nacional (Venezuela), 8 October 1998; José de Jesús García, 'No aptos para la globalización: países emergentes', Excelsior (Mexico), 7 October 1998; Agustín Rodríguez Trejo, '¿Es el momento de regresar al populismo?', Excelsior (Mexico), 8 October 1998.
94. For example, Peter Belohlavek, 'La globalización es una realidad lejana para Venezuela', El Nacional (Venezuela), 8 October 1998; José de Jesús García, 'No aptos para la globalización: países emergentes', Excelsior (Mexico), 7 October 1998; Agustín Rodríguez Trejo, '¿Es el momento de regresar al populismo?', Excelsior (Mexico), 8 October 1998.
95. See Richard Robison and David Goodman (eds.), The New Rich in Asia: Mobile Phones, MacDonalds and Middle Class Revolution (London: Routledge, 1996), pp. 2-3.
96. Mark Beeson, 'Reshaping Regional Institutions: APEC and the IMF in East Asia', The Pacific Review, 12:1 (1999).
97. Bello, 'East Asia', p. 442.
98. This is not an argument that can be developed here, but see Nicola Phillips, 'Governance after Financial Crisis: South American Perspectives on the Reformation of Regionalism', New Political Economy, 5:3 (2000). On East Asia see Richard Higgott, 'Globalisation, Regionalisation and Identity in East Asia: Lessons from the Economic Crisis of 1997/8', in Peter Dicken, Lilly Khong, Kris Olds, Phillip Kelly and Henry Yeung (eds.), Globalisation and the Asia Pacific: Contested Territories (London: Routledge, 1999), pp. 91-106.
99. This is not an argument that can be developed here, but see Nicola Phillips, 'Governance after Financial Crisis: South American Perspectives on the Reformation of Regionalism', New Political Economy, 5:3 (2000). On East Asia see Richard Higgott, 'Globalisation, Regionalisation and Identity in East Asia: Lessons from the Economic Crisis of 1997/8', in Peter Dicken, Lilly Khong, Kris Olds, Phillip Kelly and Henry Yeung (eds.), Globalisation and the Asia Pacific: Contested Territories (London: Routledge, 1999), pp. 91-106.
100. See Karl Polanyi, The Great Transformation: The Political and Economic Origins of our Time, (Boston, MA: Beacon Press, 1944) and John Ruggie, 'International Regimes, Transactions and Change: Embedded Liberalism in the Post War Economic Order', International Organization, 36:2 (1982).
101. See Karl Polanyi, The Great Transformation: The Political and Economic Origins of our Time, (Boston, MA: Beacon Press, 1944) and John Ruggie, 'International Regimes, Transactions and Change: Embedded Liberalism in the Post War Economic Order', International Organization, 36:2 (1982).
102. Address to the Board of Governors of the Bank (October 1998).
103. Susan Strange has also drawn attention to the failure of the international political system of states to control global finance, protect the environment, and preserve a socioeconomic balance between rich and poor states and peoples. See 'The Westfailure System', Review of International Studies, 25:3 (1999).
104. For discussions of the Russian case, see Nigel Gould-Davies and Ngaire Woods, 'Russia and the IMF', International Affairs, 75:1 (1999); and Peter Rutland, 'Mission Impossible? The IMF and the Failure of the Market Transition in Russia', Review of International Studies, 25:Special Issue (1999).
105. For discussions of the Russian case, see Nigel Gould-Davies and Ngaire Woods, 'Russia and the IMF', International Affairs, 75:1 (1999); and Peter Rutland, 'Mission Impossible? The IMF and the Failure of the Market Transition in Russia', Review of International Studies, 25:Special Issue (1999).
106. For a discussion of the evolution and importance of civil society in this context, see Robert W. Cox, 'Civil Society at the Turn of the Millennium: Prospects for an Alternative World Order', Review of International Studies, 25:1 (1999).
107. For an empirical discussion of how direct taxes on capital have declined in the major economies since the 1980s see Daniel Rodrik, Has Globalization Gone Too Far? (Washington, DC: Institute for International Economics, 1997).
108. See John Gerard Ruggie, 'At Home Abroad, Abroad at Home: International Liberalization and Domestic Stability in the New World Economy', Millennium: Journal of International Studies, 24:3 (1995).
109. For a discussion see Richard Devetak and Richard Higgott, 'Justice Unbound: Globalization, States and the Transformation of the Social Bond', International Affairs, 75:4 (1999).
110. Kenichi Ohmae, The End of the Nation State: The Rise of Regional Economies (New York: Free Press, 1995), and Susan Strange, The Retreat of the State (Cambridge: Cambridge University Press, 1996).
111. Kenichi Ohmae, The End of the Nation State: The Rise of Regional Economies (New York: Free Press, 1995), and Susan Strange, The Retreat of the State (Cambridge: Cambridge University Press, 1996).
112. See, most obviously, World Development Report 1997: The State in a Changing World (New York: Oxford University Press, 1997).
113. See Linda Weiss, The Myth of the Powerless State: Governing the Economy in a Global Era (Ithaca, NY: Cornell, 1998).