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This brilliant, well written book shows how the destinies of developing countries have been shaped by the capricious flows of trillions of US dollars in international capital When the funds gushed in, many emerging markets flourished, but were just as quickly left stricken when the tides of international capital deserted them Now, China s rising influence is fundamentally re plumbing the whole system of global liquidity flows with huge implications for the future of finance, especially in the developing world James Kynge, emerging markets editor, Financial Times and author of China Shakes the World Dance of the Trillions is an insightful and beautifully written panoramic narrative of international finance in the last hundred years It describes vividly how international capital flows have played a major role in shaping the fortunes of developing countries The over optimistic financing booms, followed by the sudden capital flights have been a common theme in international markets from Latin America to Asia The rise of China, affirming the primacy of states over markets, is upsetting the current order and transforming the very structure of the international financial system A brilliant book Hlne Rey, Lord Bagri Professor of Economics, London Business SchoolIn Dance of the Trillions, David Lubin tells the story of what makes money flow from high income countries to lower incomes what makes it flow out again and how developing countries have sought protection against the volatility of international capital flows The book traces an arc from the s, when developing countries first gained access to international financial markets, to the present dayUnderlying this story is a discussion of how the relationship between developing countries and global finance appears to be moving from one governed by the Washington Consensus to onelikely to be shaped by BeijingThis brilliant, well written book shows how the destinies of developing countries have been shaped by the capricious flows of trillions of US dollars in international capital When the funds gushed in, many emerging markets flourished, but were just as quickly left stricken when the tides of international capital deserted them Now, China s rising influence is fundamentally re plumbing the whole system of global liquidity flows with huge implications for the future of finance, especially in the developing world James Kynge, emerging markets editor, Financial Times and author of China Shakes the World Dance of the Trillions is an insightful and beautifully written panoramic narrative of international finance in the last hundred years It describes vividly how international capital flows have played a major role in shaping the fortunes of developing countries The over optimistic financing booms, followed by the sudden capital flights have been a common theme in international markets from Latin America to Asia The rise of China, affirming the primacy of states over markets, is upsetting the current order and transforming the very structure of the international financial system A brilliant book Hlne Rey, Lord Bagri Professor of Economics, London Business SchoolIn Dance of the Trillions, David Lubin tells the story of what makes money flow from high income countries to lower incomes what makes it flow out again and how developing countries have sought protection against the volatility of international capital flows The book traces an arc from the s, when developing countries first gained access to international financial markets, to the present dayUnderlying this story is a discussion of how the relationship between developing countries and global finance appears to be moving from one governed by the Washington Consensus to onelikely to be shaped by Beijing


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