The global financial crisis of 1997-8 revealed that emerging market
nations as well as the developed economies are vulnerable to the
forces of globalization. It highlighted the need for the governance
of the world economy to catch up with the pace and degree of
integration through trade and financial markets.
This book argues passionately in favour of the benefits of free
markets, despite the crisis. Coyle argues that the freedom to
exchange and invest is valuable in itself, like other freedoms, and
that it is also the only sure route to economic development.
Further liberalization of trade and investment, appropriately
regulated, is essential if developing countries are to attain
higher living standards. Economic growth, in turn, will slow
population growth and create a constituency for environmental
action in the developing world.
Coyle also makes the case for a reassessment of the role and
capabilities of the international financial institutions. She
argues that these need to reflect a more even balance of power,
despite the dominance of the US in today's world economy, and that
they need to live up to their own rhetoric of transparency and
accountability. Chapters on trade and financial markets look in
particular at the role of the WTO and IMF, the key villains on the
world stage in the eyes of many progressive development
campaigners. The book also addresses the shifting political economy
of international governance, looking at the way information
technology has led to the development of a global opposition to the
inter-governmental organizations.
This book will be read by students of economics and politics, and
all those interested in debates about the nature andtrajectory of
the world economy.
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