Deglobalization: Ideas for

a New World Economy

WALDEN BELLO

NEW UPDATED
EDITION

University Press Ltd

DHAKA
White Lotus Co. Ltd
BANGKOK
Fernwood Publishing Ltd
NOVA SCOTIA
Books for Change
• BANGALORE
SIRD
KUALA LUMPUR
David Philip
CAPE TOWN
Zed Books
LONDON • NEW YORK
 Contents

Acknowledgements and Dedication | ix

Foreword: The Crisis of the Globaiist Project and

the New Economics of George W. Bush xi
The crisis of the globaiist project |xii Three moments
of the crisis of globalization | xiii The new economics
of George W Bush |xvi The economics and politics of
overextension |xx

1 Introduction: The Multiple Crises of Global Capitalism l

From triumph to crisis 12 Multilateralism in
disarray |2 The crisis of the neoliberal order |4
The corporation under question 16 Cracks in
military hegemony 18 The degeneration of liberal
democracy |o The spectre of global deflation 113
The rise of the movement 116 Contradictory trends
after September 11 117 'Imperial overstretch' |22
Liberal democracy loses 125 Porto Alegre and the
future 127

2 Marginalizing the South in the International System 32

The rise of UNCTAD | 34. The Bretton Woods
twins versus the UN Development system 135
The southern challenge in the 1970s 138 Right-
wing reaction and the demonization of the south 140
Resubordinating the south 142 The World Trade
Organization: third pillar of the system | 51
The Group of Seven: an international directorate? 155
3 Sidestepping Democracy at the Multilateral Agencies 59
The World Bank j 59 The International Monetary
Fund 161 The World Trade Organization 163

4 The Crisis of Legitimacy 66

The IMF's Stalingrad 166 The past catches up 168
Meltzer and the World Bank 169 The WTO on the
road to Seattle 171

5 The Vicissitudes of Reform, 1998-2002 77

Reforming the global financial architecture | 77
From structural adjustment to poverty reduction? | 80
Non-democratic decision-making affirmed | 83
Decision-making at the WTO: From Seattle to
Doha 184

6 Proposals for Global Governance Reform:

A Critical Analysis 91
An economic security council? 191 The Meltzer -
Commission proposal 192 The 'back-to-the-Bretton-
Woods-system' school 195 George Soros's alternative
system 199

7 The Alternative: Deglobalization 107

Deconstruction 1108 Deglobalizing in a pluralist
world 1112

Selected Readings 119

Selected Organizations Monitoring Multilateral
Organizations and Global Governance Issues 122
_ Index 127