Drawing on a broad-ranging reassessment of the historical and spatial evolution of the world economy, Herman Schwartz shows how the 21st century world has come to resemble the late 19th century, in which markets typically overwhelmed state policies,more than the mid-20th century in which states were often able to control or contain markets. In so doing he shows that globalization is a much longer term and more multi-faceted phenomenon than its current protagonists generally argue and provides a particularly clear account of the complex interdependence of modern states and modern markets. The new edition provides full coverage of the financial crisis of the emerging markets of the 1990s and theirs, and other's, respective prospects into the 21st century.

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