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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 Gathering World Slump and the Battle over Capital Controls
We may well be on the verge of a world slump.footnote1 The Thai crisis of July 1997 soon became the Southeast Asian crisis, then became the Asian crisis in October, and now has become the Great Asian Depression, The sudden intensification of insecurity and poverty that confronts hundreds of millions . . . read more
The Asian Crisis: The High Debt Model Versus the Wall Street-Treasury-IMF Complex
How could the widely acknowledged real estate problems of Thailand’s banks in 1996 and 1997 have triggered such a far-reaching debt-and-development crisis?footnote1 The devaluation of the Thai baht in July 1997 was followed by currency crises or financial instability in Indonesia, Malaysia, the Philippines, Taiwan, Hong Kong, Korea, Estonia, Russia, . . . read more
Japan, the World Bank, and the Art of Paradigm Maintenance: The East Asian Miracle in Political Perspective
To what extent is the World Bank an actor, an ‘autonomous variable’ in the international system?footnote1 Or to what extent are its objectives and approaches the mere manifestations of competition and compromise among its member states? Several writers have argued that the Bank has a relatively large amount of autonomy—from . . . read more