Rapid growth reduced poverty and stable societies the announced benefits ofthe world economy celebrated by neoliberal proponents of the Washingtonconsensus have... » 

Rapid growth reduced poverty and stable societies the announced benefits ofthe world economy celebrated by neoliberal proponents of the Washingtonconsensus have failed to materialize. What does this failure mean for futureworld order and the U.S. role as global hegemon? Addressing this crucialquestion William Tabb argues that global economic institutions such as theWorld Bank and the International Monetary Fund constitute a nascentinternational state for which all previous models of sovereigntyaccountability and equity are inadequate. Integrating economics and politicalscience Tabb traces the emergence of this global state from the closing daysof World War II and examines its future prospects.Even as the United States will continue to dominate the emerging structures ofworld governance Tabb maintains it will have to change the assumptions behindits championing of classical models of international free trade. A newfinancial architecture must encompass debt forgiveness multilateral agreementson investment and a more inclusive model of growth in the twentyfirstcentury. «