Stock exchange implosions, flights of capital, currency collapses, investment scams, tax evasion, terrorist funds in offshore havens. The epidemic of financial crises - in Mexico, South East Asia, Russia, Brazil and Argentina - has forced the rich industrial countries, led by the United States, to respond. They have attempted to re-establish rules and order through the Financial Stability Forum and the G20, or New International Financial Architecture. Why has it emerged? At whose initiative? What does it involve? Who is benefiting? Will it really work? This book argues that it will not achieve either sustained economic growth or financial stability, let alone tackle mass poverty and social injustice.

Essential reading for anyone interested in the financial aspects of globalization and development' - Giovanni Arrighi, The Johns Hopkins University, author of The Long Twentieth Century

ABOUT THE AUTHOR

Professor SUSANNE SOEDERBERG is associate professor in development studies at Queen's University, Canada.

CONTENTS

1. Transcending the 'Common Sense' of the New International Financial Architecture
- Unexplored Areas of the New Building - The United States and Free Capital Mobility - The Crisis of Global Capitalism and the Dollar Wall Street Regime - The Dollar Wall Street Regime, Open Capital Accounts, and the South: An Unsustainable Trinity? - The Argument Restated - Outline of the Book

2. The Mexican Peso Crisis and the Foundations of the New International Financial Architecture
- The Old International Financial Architecture - The Demise of Mexico's ISI - The First Wave of Neoliberalism: The de la Madrid Sexenio - The Second Wave of Neoliberalism: Continental Rationalization - The Peso Crisis - The Initial Response from Washington - IMF as Crisis Manager: Freezing Contradictions

3. The New International Financial Architecture: A New Procrustean Bed for the South?
- Contesting the Consensus: The Crisis of Authority of US Structural Power - Freezing Contradictions: The Anatomy of Imposed American Leadership - The Continuing Contradictions of Imposed Leadership - A Procrustean Bed for the South? - The
Contradictions of Imposed Leadership Revisited

4. Unravelling Washington's Judgement Calls: The Cases of Chilean and Malaysian Capital Controls
- The Epicentre of Structural Power in the Global Political Economy - Contradictions of Free Capital Mobility: A View from the South - Washington Strikes Back - The Chilean Capital Control 1991-1998 - The Malaysian Currency Control 1998-1999 - Continuing
Instability for Emerging Markets?

5. Deconstructing the New International Standard of Corporate Governance: An Emerging Disciplinary Strategy for the South?
- The East Asian Debacle as Threat and Opportunity: The Origins of Standardizing Corporate Governance - The New International Disciplinary Landscape of Standardizing Standards and Codes - Constructing Common Values in the South - The Political Economy of Dominance: Institutional Investors - Neoliberal Discipline Beyond
Corporate Governance

6. Linkages between the New International Financial Architecture and the Emerging Development Architecture:
- The Case of the Monterrey Consensus - The Washington Consensus and the Crisis of Capitalism -

Neoliberalism under Fire: New Threats and Opportunities - Old Wine in a New Bottle: Recasting Neoliberal Domination - A Critical Assessment of Trade and Financial Liberalisation as Tools of Development - The Excluded Debate: The Case of the Sovereign Debt Restructuring Mechanism - Financing for Whose Development? - The
Linkages Revealed.