Global Finance at Risk

'No economic development of our time is so threatening as to affect and so little understood as the great and unpredicted movements of financial capital between countries. Here two accomplished scholars of the first rank deal with the problem so created, in clear English, with informed thought and willingness to embrace the evident solution. I strongly recommend it.' John Kenneth Galbraith 'John Eatwell, Neil Kinnock's former economics adviser and now head of a Cambridge college, offers an answer in the form of a "World Financial Authority" to bring some order to a post-national financial system before it takes us all over the cliff ... Lord Eatwell makes an urgent plea for world order in place of the casino chaos that presently exists.' Denis MacShane, The Independent '[An] excellent book [which] makes powerful reading ... for those of us who cannot quite believe that history has come to an end, or that the US economy has entered a new era of assured growth, or that globalization is wholly viruous; and who are otherwise nervous or unhappy aboout how the world economy developed in the last quarter of the last century.' Times Literary Supplement

John Eatwell is President of Queens' College, Cambridge. Lance Taylor is the Arnhold Professor of International Cooporation and Development at the New School University.

Preface. 1. The Privatization of Risk. 2. Liberalized Capital Markets and Global Economic Performance. 3. Exchange Rates and Capital Controls. 4. Developed Countries and the New Financial Order. 5. Developing Countries and the New Financial Order. 6. Regulation on a Global Scale. 7. A World Financial Authority. Further Reading. Abbreviations. Index.