In the 1980s and early 1990s many countries-in Latin America, Eastern Europe, East Asia, and elsewhere--replaced authoritarian governments with political democracy. Leaders of new democracies everywhere faced weak institutions, the challenge of inculcating unfamiliar democratic practices and...

Recent decades have seen momentous shifts in the forms and quantity of capital transfers from advanced industrial countries, net creditors as a group, to developing countries, net debtors as a group. The 1950s and 1960s were the era of foreign aid and foreign direct investment; the 1970s was the...