Table of Contents

Contents Abbreviations - Preface and acknowledgements 1. The rise of market fundamentalism Globalisation: What's in a name? - The neo-liberal revival - From neo-liberalism to market fundamentalism - The greatly exaggerated death of the nation state - Entry points 2. Back to the future? Globalisation in historical perspective Introduction - Through the looking glass: Economic integration before World War I - Global divergence - Conclusions 3. Engines of growth? Trade and financial flows in an open world Introduction - Trade liberalisation takes charge - The exaggerations and limits of "win-win" arguments - Trade liberalisation, adjustment costs and the myth of convergence - The liberalisation of international finance - The siren call of quick fixes: Shocks, cycles and crises in unregulated financial markets - Conclusions 4. Transnational corporations, foreign direct investment and the uneven geography of international production Introduction - The spread of international production - Escaping the simplicities of conventional thinking - Lessons from success stories - Some warning signals - Conclusion 5. Globalisation revisited Introduction - Catching up, falling behind and growing apart - Change in the policy climate: Investment trends since the debt crisis - Deindustrialisation and enclave development - Conclusions 6. Towards an alternative framework for development strategies Introduction - Myths, biases and simple assumptions - Cumulative and interdependent factors of development - Developmental states - Democracy and economic development - Conclusions 7. Resisting market fundamentalism Introduction - Democratic gradualism and policy space - Regaining policy space: Lessons from the Marshall Plan - Strengthening the profit-investment-export nexus - Reforming the global architecture 8. The conditions for a sustainable global order Bibliography

Promotional Information

Offers an analysis of development in the international political economy that cuts through the pro/anti neoliberal rhetoric. This work describes how the dominant trends have prevented development, and is the result of political choices in advanced economies rather than market forces and technological change. It is for students and academics.

About the Author

RICHARD KOZUL WRIGHT is senior economic affairs officer, United Nations Conference on Trade & Development. PAUL RAYMENT is the director of economic analysis, United Nations Economic Commission for Europe.

Reviews

The Resistible Rise of Market Fundamentalism is one of the more intelligent and better-informed books about globalisation published so far. Mixing historical details with a strong grasp of the contemporary data, its commonsense political economy approach casts a clear light on the biases and asymmetries in todays globalisation process, challenges the neo-liberal dogma that there are no economic policy choices left to be made and boldly sets out the case for alternative development strategies. Read it if you really want to understand what is going on in the world economy.
*Ha-Joon Chang, University of Cambridge*

An insightful, timely and very welcome contribution to the ongoing debate on how to bring about a more equitable and balanced international economic order.
*Rubens Ricupero, Fundação Armando Alvarez Penteado, São Paulo, formerly Secretary-General of UNCTAD*

An incisive critique of orthodoxy and timely reminder of what development is all about
*Thandika Mkandawire, United Nations Research Institute for Social Development (UNRISD)*