This paper examines historically the World Bank's twin features: lending to developing economies to achieve tangible results and advocating specific development policies. Section 1 provides some conceptual underpinnings for the view that an effective state is essential for development. It asks...

This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and...

The laws of motion of capital in the world economic system are analyzed through the fundamental necessary relation between production and consumption capacities. The structural contrasts between center and periphery and domination of the former over the latter create specific barriers to the pro...