‘Nowhere is the voice of the developing nations expressed as cogently and powerfully as in these fresh and controversial essays.’  Dani Rodrik, Professor of International Political Economy, John F Kennedy School of Government, Harvard University    ‘Incisive and powerful… Challenges to the World Bank and IMF is a unique book, providing the reader with a collection of highly professional papers from the perspective of developing countries, covering their economic problems and their relations with International Financial Institutions.’  Claudio M Loser, Inter-American Dialogue    ‘This is a very refreshing and thorough critique of today’s development orthodoxy represented by the World Bank and the IMF. The combination of iconoclastic perspectives and detailed knowledge of the subject matter makes it particularly powerful.’  Ha-Joon Chang, Director of Development Studies, University of Cambridge    ‘This is a challenging and timely book by a distinguished cast of scholars, analysing the philosophy, governance, political economy and effectiveness of the two premier global economic institutions. It robustly criticizes their unquestioning reverence for free markets, their political economy and governance, and their methodology and effectiveness. Of the recent analysis of the two institutions, this is clearly one of the most rigorous, balanced and coherent. A “must” for development specialists and students.’  Sanjaya Lall, Professor of Development Economics, International development Centre, University of Oxford    This unique book examines some of the most burning issues on the global economic agenda in the world today. Bringing together some of the foremost authorities in their fields, this volume challenges the existing mechanisms for governance of the world economy.    The chapters in this book consider the current approaches of the World Bank and IMF, and offer alternative proposals for the effective participation of developing countries in these institutions. In doing so, the volume ranges from discussions on reforming the IMF and its conditionality, the operations of financial markets, debt workouts and restructuring, management of capital flows, debt sustainability and insurance against crisis, to Millennium Development Goals and the global partnership development.