In its seven and a half decades of existence, questions regarding the legitimacy and democratic credibility of the multilateral trading system have often been asked on two fundamental grounds. The first stems from the questions regarding its internal legitimacy, essentially the transparency and inclusiveness of its decision-making processes. Questions regarding transparency have become more louder in recent decades, while issues regarding inclusiveness, especially from the point of view of the majority of its members, the developing countries have been…

This month marks the 10th anniversary of the collapse of Lehman Brothers that set off a chain of events that led to the worst financial crisis since the Great Depression of the 1930s. The global financial crisis of 2008 was a watershed moment for the global banking industry as it revealed a pattern of excessive risk-taking by private banks to maximize short-term profits along with shortcomings in the regulatory framework. The financial crisis has reignited an intense debate on the…

The internal documents of the European Commission reveal the disgraceful attempts to push for higher levels of commitments in trade in industrial goods and agricultural products, services and investment liberalisation, geographical indications and government procurement under the proposed India-EU free trade agreement (FTA).

The EC documents, which are not publicly available, were prepared just weeks before the 2012 India-EU Summit. The documents assume greater significance as the trade negotiations between India and EU are being held behind closed doors on…

South Korea has seen a rapid financial development in the past decade in line with financial liberalization policies that the government rigorously pursued. The government’s ambition to make South Korea a financial hub in Northeast Asia supported by the self-serving financial industry pushed the financial expansion far beyond the ability of the Korean economy to deal with risks and dangers inherent in financial development.

Eventually, the Korean financial sector has become the victim of its own success, suffering ill-fated overstretch….

This study critically examines the major developments in the banking sector in Uganda over the past two decades. In particular, the study documents the outcomes of banking sector liberalization policies which were initiated since the early 1990s. It also deals with recent developments in the Ugandan banking sector in the aftermath of global financial crisis.

With a special focus on the entry of foreign banks, the study assesses the major impacts and consequences of market-led banking reforms on economy, development…