The current financial crisis provides a valuable occasion for the world to re-examine the grand statements of wisdom which dominate the financial world for a long time. The impact is extremely serious as a result of the convergence of a number of factors such as huge current account deficits of...

Introduction -- Potted history of banking and finance -- In the shadow of depression -- Financial engineering -- Financial architecture, 1 -- Financial architecture, 2 -- Reforming the IMF -- Regulation and deregulation -- Back to basics -- Counter-cyclical measures -- Some deeper issues -- The...