This paper argues that financial liberalisation as practiced recently worldwide engenders widespread financial crises precisely because of the weak foundations of its theoretical framework and poor empirical performance. Financial liberalisation is critically evaluated on both theoretical and...

The paper documents and analyses the World Bank's promotion of foreign ownership of banking in developing countries. In the wake of two decades of financial crises following exercises of orthodox financial reform, the World Bank has not only continued to push privatisation, but now sees foreign...