| Table of Contents | p. vii |
| Note from the Editors | p. xi |
| Contributors | p. xv |
| Acknowledgments | p. xxi |
| A Financial Architecture for Middle-Class-Oriented Development (Mead and Schwenninger) | p. 1 |
| Executive Summary | p. 3 |
| The Case for Middle-Class-Oriented Development | p. 8 |
| Obstacles to Middle-Class-Oriented Development | p. 25 |
| Toward a New International Financial Architecture | p. 46 |
| Conclusion: The Politics of International Financial Architecture | p. 75 |
| Making Dollarization Work | p. 81 |
| Private Capital Flows, Emerging Economies, and International Financial Architecture (Yago) | p. 85 |
| Introduction | p. 87 |
| Contagion as Metaphor | p. 94 |
| The Integration of Global Capital Markets | p. 100 |
| Deconstructing Global Financial Architecture Proposals | p. 107 |
| Building the Financial Infrastructure for Middle Class Emerging Economies (D'Arista) | p. 125 |
| Introduction | p. 127 |
| Building on Past Structures and Programs | p. 129 |
| Building on Existing Structures and Trends | p. 138 |
| Structuring Pension Funds in Emerging Economies for Growth and Development | p. 145 |
| Reforming the International Monetary and Financial Architecture to Promote Domestic Demand-Driven Growth in Emerging Economies | p. 156 |
| Conclusion | p. 166 |
| Capital Flows and the International Financial Architecture (Eatwell and Taylor) | p. 169 |
| Capital Flows and the International Financial Architecture | p. 171 |
| Liberal Capital Markets in History | p. 174 |
| The Breakdown of Financial Regulation | p. 178 |
| Actual and Potential Problems in Industrialized Economies | p. 180 |
| The Performance of the Private Sector | p. 183 |
| The Performance of the Public Sector | p. 185 |
| Governments in Search of Credibility | p. 186 |
| The Position of the United States | p. 188 |
| The American Predicament | p. 191 |
| External Dangers? | p. 194 |
| Developing and Transition Economies | p. 196 |
| Exchange Rates | p. 199 |
| Dealing with the Problems At Hand | p. 204 |
| Bands | p. 206 |
| Capital Controls | p. 208 |
| Managing Global Financial Risk | p. 210 |
| A World Financial Authority | p. 211 |
| Macroeconomic Regulation and Risk Management | p. 212 |
| Microeconomic Regulation and Risk Management | p. 214 |
| The Way Forward | p. 215 |
| Bibliography | p. 218 |
| Solving the Currency Conundrum (Eichengreen) | p. 219 |
| Introduction | p. 221 |
| Going to Extremes | p. 223 |
| The Backlash | p. 231 |
| Which Alternative? | p. 235 |
| Monetary Union | p. 242 |
| Achieving Greater Flexibility in Emerging Markets | p. 246 |
| G-3 Target Zones | p. 253 |
| How the International Monetary System Will Look in Twenty Years | p. 257 |
| The Diminishing Returns to Export-Led Growth (Blecker) | p. 259 |
| Prologue: The Sudden Collapse of the Export-Led Economies | p. 261 |
| The Hypothesis: Statement and Qualifications | p. 267 |
| Literature Survey: Studies of Exports, Growth, and the Fallacy of Composition | p. 275 |
| Empirical Plausibility: A Preliminary Look at Export Growth Trends | p. 289 |
| Policy Implications: Which Way Out of the Dilemma? | p. 295 |
| The American Stock Market as a Financial Risk: A Discussion of Historic and Demographic Risks (Dugger, McNally and Medley) | p. 299 |
| Introduction | p. 301 |
| Trade, Development, and the Post-Cold War Transition | p. 306 |
| Household Balance Sheets and Generational Deleveraging | p. 326 |
| Macroeconomic Forecasts Including a Major Market Decline | p. 334 |
| Concluding Comments | p. 340 |
| Bibliography | p. 343 |
| Appendix | p. 346 |
| Reforming and Deepening Mexico's Financial Markets (Lopez-de-Silanes) | p. 361 |
| Introduction | p. 363 |
| Legal Protection for Investors | p. 367 |
| Enforcement of Laws | p. 376 |
| Consequences of Investor Protection | p. 378 |
| Reforms for Deepening Mexico's Financial Markets | p. 387 |
| Conclusion and Policy Implications | p. 407 |
| Tables | p. 409 |
| Bibliography | p. 434 |
| Economic Crisis and Corporate Reform in East Asia (Woo-Cumings) | p. 439 |
| Economic Crisis and Corporate Reform in East Asia | p. 441 |
| Northeast and Southeast Asia between the State and the "Sib-Fetters" of the Economy | p. 448 |
| Corporate Governance in Korea | p. 457 |
| Concentration and Diversification in the Korean Chaebol | p. 468 |
| Family Governance, Trust and Rule by Regulation | p. 473 |
| Family Governance: Part of the Problem or Part of the Solution? | p. 479 |
| Efforts at Corporate Reform in Korea | p. 483 |
| The Politics of Ethnicity and Corporate Governance in Southeast Asia | p. 490 |
| Conclusion | p. 499 |
| Bibliography | p. 505 |
| Cultural Contradictions of Post-Communism: Why Liberal Reforms Did Not Succeed in Russia (Khrushcheva) | p. 513 |
| Introduction | p. 515 |
| Russia's Bottom: The Culture of Envy | p. 524 |
| Russia's Top: Privatization Russian Style | p. 539 |
| Russia's Middle: Voices of Reason | p. 548 |
| Conclusion | p. 553 |
| Bibliography | p. 557 |
| Korea's Comeback: The Government's Predicament (Root) | p. 563 |
| Introduction | p. 565 |
| Financial System Reform | p. 568 |
| Business Reform | p. 578 |
| Labor Reform | p. 588 |
| Bibliography | p. 598 |
| Sustainable Development and the Open-door Policy in China (Galbraith and Lu) | p. 601 |
| Introduction | p. 603 |
| Budget Deficits and Cultural Revolution | p. 605 |
| Bottlenecks and Heavy Industry | p. 607 |
| The Agricultural Reform | p. 609 |
| Auxiliary Reforms in Light Industry and Commerce | p. 611 |
| The Second Phase: Urban Economic Reform 1984-88 | p. 612 |
| The Transitory Period (1988-91): Adjustment and Crisis | p. 614 |
| The Third Round of Reforms: 1992-97 | p. 615 |
| The Open Door Policy - What Was It? | p. 619 |
| The Role of the Open Door Policy | p. 621 |
| The Crisis of the 1990s | p. 623 |
| The Outlook and What is Required? | p. 627 |
| Bibliography | p. 636 |
| The Paradox of Free Market Democracy: Indonesia and the Problems Facing Neoliberal Reform (Chua) | p. 639 |
| Introduction | p. 641 |
| Background | p. 642 |
| Indonesia | p. 647 |
| Policy Implications | p. 656 |
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