Walden Bello is director of Focus on the Global South, heading up its Global and Regional Paradigms programme. He is professor of Sociology and Public Administration at the University of the Philippines in Manila.Nicola Bullard is the deputy director of Focus on the Global South. She has worked extensively with non-government organisations and trade unions. Kamal Malhotra was co-director of Focus on the Global South from 1994-99 and is currently a senior advisor in the Social Policy and Poverty Eradication Division of the United Nations Development Program.

• Introduction: Walden Bello and Nicola Bullard1. Notes on the Ascendancy and Regulation of Speculative Capital - Walden Bello, Kamal Malhotra, Nicola Bullard and Marco MezzeraFinance Capital UnboundKey Features of Finance CapitalismGlobalization's Volatile EngineFinance Capital and the SouthSpeculative Crisis: Two Case StudiesMexico: A Supply-Driven CrisisSoutheast Asia: Volatility Sinks a Development ModelThe Three Schools of Global Financial Reform'It's the Wiring, not the Architecture''Back to the Bretton Woods System''It's the Development Model, Stupid!'De-globalizing the Domestic Economy2. A Short History of Neo-Liberalism: 20 Years of Elite Economics and Emerging Oppportunities for Structural Change - Susan George3. Practical Proposals: THe UN System and Financial Regulation - Carlos Fortin4. Renewing the Governance of the Global Economy - Kamal MalhotraRethinking Sustainable Human and Social DevelopmentThe National LevelThe Regional LevelThe Global LevelWho's Wagging Whom?5. Their Reforms or Ours: The Balance of Forces and Economic Analysis that Inform a New Global Financial Architecture - Patrick BondThe Array of Forces Contesting Global FinanceScales of Political Reform6. The Death of the Washington Consensus? - Robin Broad and John CavanaghThe Reign of the Washington ConsensusAttack on Consensus: The Discrediting of Free TradeCracks in the Consensus: Hot Money and the Wall Street-Treasury ComplexFurther Openings in the ConsensusA New Development Debate7. Can the IMF be Reformed? - Richard LeaverAvoiding the VoidQuestions of Power ?? and PurposeThe End of the Game?8. Can Global Finance be Regulated? - Manfred BienefeldCan and Should Global Finance be Regulated?The Standard Mainstream Argument for Financial DeregulationThe Problem of Regulating Finance in an Increasingly Global WorldFactors Making National Financial Regulation More or Less DifficultConclusions9. Putting People before Profits: Proposals for the Regulation of Foreign Investment - Jessica WoodroffeThe ProblemGetting It RightAn International Investment AgreementEnabling Governments to Attract Quality InvestmentMaintaining StandardsBeyond the Core StandardsThe EnforcerA Core Standards CommissionBalancing National Sovereignty and Individual RightsComplementary International ActionNational ActionAnnex: The Core Standards10. Why Capital Controls and International Debt Restructuring Mechanisms are Necessary to Prevent and Manage Crises - Martin KhorA Brief Analysis of the Malaysian MeasuresSome Responses to the Malaysian MoveKrugman, Breaking the Academic Taboo on Capital ControlsThe Turning Tide Against Free-Market OrthodoxyUsing Capital Controls to Prevent and Manage Financial CrisesOrderly Debt Workout for Debt-Crisis CountriesTime for Regulation11. The Debate about Capital Controls: Issues in Capital Account Convertibility - Sumangala DamodaramSome Essential ConceptsThe Pros and Cons of Capital Account ConvertibilityCurrent Issues in Capital Controls and Capital Account ConvertibilityConclusion12. China: The Case for Capital Controls - Yu YongdingCapital Controls in ChinaThe Evasion of Capital ControlsChina's Efforts in Maintaining the Balance of International PaymentsFinal Observations13. An International Chapter 11 Bankruptcy Procedure and Special Drawing Rights - Zhiyan CuiThe First ImplicationCredit RationingEquity RationingMultiplier Effect and RecessionThe Second ImplicationSDR as a Crucial Device in International Chapter 1114. The Tobin Tax and the Regulation of Capital Movements - Bruno Jetin and Suzanne de BrunhoffThe Objective, Usefulness, and Limitations of the Tobin TaxThree Additional Benefits of the Tobin TaxThe Limitations of the Tobin TaxWhat are the Fundamental Objections to the Tobin Tax?Is the Tobin Tax Feasible?Conclusion15. A Feasible Foreign Exchange Transactions Tax - Rodney SchmidtOverview of the ArgumentA Tax on Interbank Foreign Exchange TransactionsSettling Interbank Foreign Exchange TransactionsDomestic Payment SystemsNetting SystemsContracts for DifferencesRequirements of a Feasible Transactions TaxIdentifying Foreign Exchange TransactionsEnforcing Tobin's Tax in Offshore Netting SystemsTaxing Foreign Exchange DerivativesHow to Implement a Foreign Exchange Transactions TaxNotes to the FiguresIndexTables and Figures5.1 Five Reactions to the Global Crisis (126)12.1: China's Balance of Payments, 1994-9712.2: The Major Forms of Evading the Capital Controls of the Government15.1: Settling a Foreign Exchange Trade in Domestic Payments Systems

Walden Bello is director of Focus on the Global South, heading up its Global and Regional Paradigms programme. He is professor of Sociology and Public Administration at the University of the Philippines in Manila.Nicola Bullard is the deputy director of Focus on the Global South. She has worked extensively with non-government organisations and trade unions. Kamal Malhotra was co-director of Focus on the Global South from 1994-99 and is currently a senior advisor in the Social Policy and Poverty Eradication Division of the United Nations Development Program.

• Introduction: Walden Bello and Nicola Bullard1. Notes on the Ascendancy and Regulation of Speculative Capital - Walden Bello, Kamal Malhotra, Nicola Bullard and Marco MezzeraFinance Capital UnboundKey Features of Finance CapitalismGlobalization's Volatile EngineFinance Capital and the SouthSpeculative Crisis: Two Case StudiesMexico: A Supply-Driven CrisisSoutheast Asia: Volatility Sinks a Development ModelThe Three Schools of Global Financial Reform'It's the Wiring, not the Architecture''Back to the Bretton Woods System''It's the Development Model, Stupid!'De-globalizing the Domestic Economy2. A Short History of Neo-Liberalism: 20 Years of Elite Economics and Emerging Oppportunities for Structural Change - Susan George3. Practical Proposals: THe UN System and Financial Regulation - Carlos Fortin4. Renewing the Governance of the Global Economy - Kamal MalhotraRethinking Sustainable Human and Social DevelopmentThe National LevelThe Regional LevelThe Global LevelWho's Wagging Whom?5. Their Reforms or Ours: The Balance of Forces and Economic Analysis that Inform a New Global Financial Architecture - Patrick BondThe Array of Forces Contesting Global FinanceScales of Political Reform6. The Death of the Washington Consensus? - Robin Broad and John CavanaghThe Reign of the Washington ConsensusAttack on Consensus: The Discrediting of Free TradeCracks in the Consensus: Hot Money and the Wall Street-Treasury ComplexFurther Openings in the ConsensusA New Development Debate7. Can the IMF be Reformed? - Richard LeaverAvoiding the VoidQuestions of Power ?? and PurposeThe End of the Game?8. Can Global Finance be Regulated? - Manfred BienefeldCan and Should Global Finance be Regulated?The Standard Mainstream Argument for Financial DeregulationThe Problem of Regulating Finance in an Increasingly Global WorldFactors Making National Financial Regulation More or Less DifficultConclusions9. Putting People before Profits: Proposals for the Regulation of Foreign Investment - Jessica WoodroffeThe ProblemGetting It RightAn International Investment AgreementEnabling Governments to Attract Quality InvestmentMaintaining StandardsBeyond the Core StandardsThe EnforcerA Core Standards CommissionBalancing National Sovereignty and Individual RightsComplementary International ActionNational ActionAnnex: The Core Standards10. Why Capital Controls and International Debt Restructuring Mechanisms are Necessary to Prevent and Manage Crises - Martin KhorA Brief Analysis of the Malaysian MeasuresSome Responses to the Malaysian MoveKrugman, Breaking the Academic Taboo on Capital ControlsThe Turning Tide Against Free-Market OrthodoxyUsing Capital Controls to Prevent and Manage Financial CrisesOrderly Debt Workout for Debt-Crisis CountriesTime for Regulation11. The Debate about Capital Controls: Issues in Capital Account Convertibility - Sumangala DamodaramSome Essential ConceptsThe Pros and Cons of Capital Account ConvertibilityCurrent Issues in Capital Controls and Capital Account ConvertibilityConclusion12. China: The Case for Capital Controls - Yu YongdingCapital Controls in ChinaThe Evasion of Capital ControlsChina's Efforts in Maintaining the Balance of International PaymentsFinal Observations13. An International Chapter 11 Bankruptcy Procedure and Special Drawing Rights - Zhiyan CuiThe First ImplicationCredit RationingEquity RationingMultiplier Effect and RecessionThe Second ImplicationSDR as a Crucial Device in International Chapter 1114. The Tobin Tax and the Regulation of Capital Movements - Bruno Jetin and Suzanne de BrunhoffThe Objective, Usefulness, and Limitations of the Tobin TaxThree Additional Benefits of the Tobin TaxThe Limitations of the Tobin TaxWhat are the Fundamental Objections to the Tobin Tax?Is the Tobin Tax Feasible?Conclusion15. A Feasible Foreign Exchange Transactions Tax - Rodney SchmidtOverview of the ArgumentA Tax on Interbank Foreign Exchange TransactionsSettling Interbank Foreign Exchange TransactionsDomestic Payment SystemsNetting SystemsContracts for DifferencesRequirements of a Feasible Transactions TaxIdentifying Foreign Exchange TransactionsEnforcing Tobin's Tax in Offshore Netting SystemsTaxing Foreign Exchange DerivativesHow to Implement a Foreign Exchange Transactions TaxNotes to the FiguresIndexTables and Figures5.1 Five Reactions to the Global Crisis (126)12.1: China's Balance of Payments, 1994-9712.2: The Major Forms of Evading the Capital Controls of the Government15.1: Settling a Foreign Exchange Trade in Domestic Payments Systems

Walden Bello is director of Focus on the Global South, heading up its Global and Regional Paradigms programme. He is professor of Sociology and Public Administration at the University of the Philippines in Manila.Nicola Bullard is the deputy director of Focus on the Global South. She has worked extensively with non-government organisations and trade unions. Kamal Malhotra was co-director of Focus on the Global South from 1994-99 and is currently a senior advisor in the Social Policy and Poverty Eradication Division of the United Nations Development Program.

• Introduction: Walden Bello and Nicola Bullard1. Notes on the Ascendancy and Regulation of Speculative Capital - Walden Bello, Kamal Malhotra, Nicola Bullard and Marco MezzeraFinance Capital UnboundKey Features of Finance CapitalismGlobalization's Volatile EngineFinance Capital and the SouthSpeculative Crisis: Two Case StudiesMexico: A Supply-Driven CrisisSoutheast Asia: Volatility Sinks a Development ModelThe Three Schools of Global Financial Reform'It's the Wiring, not the Architecture''Back to the Bretton Woods System''It's the Development Model, Stupid!'De-globalizing the Domestic Economy2. A Short History of Neo-Liberalism: 20 Years of Elite Economics and Emerging Oppportunities for Structural Change - Susan George3. Practical Proposals: THe UN System and Financial Regulation - Carlos Fortin4. Renewing the Governance of the Global Economy - Kamal MalhotraRethinking Sustainable Human and Social DevelopmentThe National LevelThe Regional LevelThe Global LevelWho's Wagging Whom?5. Their Reforms or Ours: The Balance of Forces and Economic Analysis that Inform a New Global Financial Architecture - Patrick BondThe Array of Forces Contesting Global FinanceScales of Political Reform6. The Death of the Washington Consensus? - Robin Broad and John CavanaghThe Reign of the Washington ConsensusAttack on Consensus: The Discrediting of Free TradeCracks in the Consensus: Hot Money and the Wall Street-Treasury ComplexFurther Openings in the ConsensusA New Development Debate7. Can the IMF be Reformed? - Richard LeaverAvoiding the VoidQuestions of Power ?? and PurposeThe End of the Game?8. Can Global Finance be Regulated? - Manfred BienefeldCan and Should Global Finance be Regulated?The Standard Mainstream Argument for Financial DeregulationThe Problem of Regulating Finance in an Increasingly Global WorldFactors Making National Financial Regulation More or Less DifficultConclusions9. Putting People before Profits: Proposals for the Regulation of Foreign Investment - Jessica WoodroffeThe ProblemGetting It RightAn International Investment AgreementEnabling Governments to Attract Quality InvestmentMaintaining StandardsBeyond the Core StandardsThe EnforcerA Core Standards CommissionBalancing National Sovereignty and Individual RightsComplementary International ActionNational ActionAnnex: The Core Standards10. Why Capital Controls and International Debt Restructuring Mechanisms are Necessary to Prevent and Manage Crises - Martin KhorA Brief Analysis of the Malaysian MeasuresSome Responses to the Malaysian MoveKrugman, Breaking the Academic Taboo on Capital ControlsThe Turning Tide Against Free-Market OrthodoxyUsing Capital Controls to Prevent and Manage Financial CrisesOrderly Debt Workout for Debt-Crisis CountriesTime for Regulation11. The Debate about Capital Controls: Issues in Capital Account Convertibility - Sumangala DamodaramSome Essential ConceptsThe Pros and Cons of Capital Account ConvertibilityCurrent Issues in Capital Controls and Capital Account ConvertibilityConclusion12. China: The Case for Capital Controls - Yu YongdingCapital Controls in ChinaThe Evasion of Capital ControlsChina's Efforts in Maintaining the Balance of International PaymentsFinal Observations13. An International Chapter 11 Bankruptcy Procedure and Special Drawing Rights - Zhiyan CuiThe First ImplicationCredit RationingEquity RationingMultiplier Effect and RecessionThe Second ImplicationSDR as a Crucial Device in International Chapter 1114. The Tobin Tax and the Regulation of Capital Movements - Bruno Jetin and Suzanne de BrunhoffThe Objective, Usefulness, and Limitations of the Tobin TaxThree Additional Benefits of the Tobin TaxThe Limitations of the Tobin TaxWhat are the Fundamental Objections to the Tobin Tax?Is the Tobin Tax Feasible?Conclusion15. A Feasible Foreign Exchange Transactions Tax - Rodney SchmidtOverview of the ArgumentA Tax on Interbank Foreign Exchange TransactionsSettling Interbank Foreign Exchange TransactionsDomestic Payment SystemsNetting SystemsContracts for DifferencesRequirements of a Feasible Transactions TaxIdentifying Foreign Exchange TransactionsEnforcing Tobin's Tax in Offshore Netting SystemsTaxing Foreign Exchange DerivativesHow to Implement a Foreign Exchange Transactions TaxNotes to the FiguresIndexTables and Figures5.1 Five Reactions to the Global Crisis (126)12.1: China's Balance of Payments, 1994-9712.2: The Major Forms of Evading the Capital Controls of the Government15.1: Settling a Foreign Exchange Trade in Domestic Payments Systems