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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 Th e 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 UNCTA D | 34. Th e Bretto n Woods twins versus th e U N Developmen t system 135 The southern challenge i n the 1970s 138 Right - wing reaction and the demonization of the south 140 Resubordinating the south 142 Th e 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 Th e World Trade Organization

163

4

The Crisis of Legitimacy

66

Th e IMF's Stalingrad 166 Th e past catches up 168 Meltzer and the World Bank 169 Th e WT O 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 Th e

'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

Selecte d Readings

119

Selected Organizations Monitoring Multilateral Organizations and Global Governance Issues 122

Index

127

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