New Left Review I/231, September-October 1998

Robert Wade

The Gathering World Slump and the Battle Over Capital Controls

The policy backlash is ‘the most serious challenge yet to the free-market orthodoxy that the globe has embraced since the end of the Cold War’ The Wall Street Journal, 4 September 1998.

‘There is an ideological battle going on over capital controls, and it is huge’ World Bank senior advisor on capital markets and Asian specialist, 1 September 1998.

Subscribe for just £35 and get free access to the archive Please login on the left to read more or buy the article for £3
Username:		Robert Wade, Frank Veneroso, ‘The Gathering World Slump and the Battle over Capital Controls’, NLR I/231: £3
Password:
If you want to create a new NLR account please register here

’My institution subscribes to NLR, why can't I access this article?’

By the same author:

• Lessons from Iceland The extraordinary rise and fall of Iceland’s financial-casino economy. Wade and Sigurgeirsdóttir describe the island’s neoliberal turn under a quasi-feudal elite turned banking oligopoly, and its prospects amidst the triple crisis—currency, banking, sovereign debt—now bestriding it.
• Financial Regime Change? As stock markets plunge and governments scramble to bail out the finance sector, Robert Wade argues that we are exiting the neoliberal paradigm that has held sway since the 1980s. Causes and repercussions of the crisis, and errors of the model that brought it to fruition.
• A New Global Financial Architecture? As the world economy shows growing signs of vulnerability, what mechanisms exist for averting repeats of the Asian or Mexican crises? Banking and regulatory regimes as instruments of standardization, pulling national economies into Anglo-American orbits.
• Choking the South Charting the impact of fluctuating currencies, volatile stock markets and interest rates on the developing world since the end of the Bretton Woods system, Robert Wade contends that untrammelled mobility of capital—private funds above all—reinforces dynamics of debt and underdevelopment.
• The Ringmaster of Doha Robert Wade on Michael Moore, A World Without Walls. The road from Seattle to Cancún. Back-room politics of the global trade agenda in the account of an ex-Director General of the WTO.
• Showdown at the World Bank ‘International financial institutions’ are more national than they seem. Robert Wade reveals how tightly the US Treasury monitors and controls the World Bank, and how quickly it will stamp out departures from its orthodoxy.
• The Asian Crisis: The High Debt Model Versus the Wall Street-Treasury-IMF Complex
• Japan, the World Bank, and the Art of Paradigm Maintenance: The East Asian Miracle in Political Perspective