By Walden Bello

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Publisher: Food First and Focus o­n the Global South

Date of Publication: May 2001

“The Future in the balance clearly and eloquently explains the true causes of the financial crisis-the institutions that advocated free market economies based o­n the principles of liberalization, deregulation and privatization. Bello tells the truth about the world trade Organization, international Monetary fund and the World Bank, and their grip o­n the third world. He shatters the myths of development as prescribed by these institutions and offers possibilities of another world based o­n fairness and justice.”

-The New Internationalist




Preface by Anuradha Mittal


Part I: Bretton Woods system in crisis

The iron cage: the WTO, the Bretton Woods institutions and the South

Why reform of the WTO is the wrong agenda

Jurassic fund: should developing countries push to decommission the IMF?

Meltzer report builds case for abolition of Bretton woods twins


Part II: Speculative capital and the Asian financial crisis

Asian financial crisis: the movie

Fast track capitalism, geoeconomic competition and the sustainable development challenge

East Asia: o­n the eve of the great transformation

Notes o­n ascendancy and regulation of global finance

Breaking with faith

Power, timidity and irresponsibility in global finance



Part III The US: Globalization, geopolitics and unilateralism

US economic expansion: boon or bane for Asia?

The shrimp-turtle controversy and the rise of green unilateralism

Dangerous liaisons: progressives, the right and the anti-China trade campaign

Why land reform is nolonger possible without revolution

Washington and the demise of the third wave of democratization


Part IV: The struggle for the future

Prague 200: toward a deglobalized world

Global civil society: promises and pitfalls

2000: The year of global protest against globalization

Washington’s political transition threatens Bretton Woods twins

When Davos meets Porto Alegre: a memoir




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