| Preface | |
| I | The Big Picture | 1 |
| 1 | A Century of Unrivaled Prosperity | 3 |
| 2 | The Come and Go of the State | 25 |
| II | Macroeconomic Ingredients for Growth and Prosperity | 39 |
| 3 | Long-Run Growth in Emerging Countries | 41 |
| 4 | Containing High Inflation | 47 |
| 5 | Free Markets Work Best - But They Need a Little Tweaking | 57 |
| 6 | And You Thought Social Security Was in Trouble ... | 61 |
| 7 | Growth Forever | 65 |
| 8 | Germany's Economic Future | 69 |
| III | Global Financial Markets: Ideas Whose Time Has Come | 77 |
| 9 | Capital Controls: An Idea Whose Time Is Gone | 79 |
| 10 | Why Bailouts Are Bad Medicine | 87 |
| 11 | Check the Laws Before You Invest Abroad | 91 |
| 12 | How the Fed Can Tame the Savage Currency Markets | 95 |
| 13 | The Effectiveness of Exchange-Rate Changes | 99 |
| 14 | No Way to Rescue the Greenback - And No Need To | 121 |
| 15 | Lessons from the Mexican Crisis | 125 |
| 16 | After Asia: New Directions for the International Financial System | 129 |
| 17 | The Target Zone Controversy | 141 |
| 18 | New Challenges for World Financial Markets | 147 |
| IV | No Apologies for Free Trade | 153 |
| 19 | Is Free Trade at a Crossroads? | 155 |
| 20 | 2005: A Trade Odyssey | 161 |
| 21 | U.S.-Mexico Free Trade: Goods Jobs at Good Wages | 171 |
| 22 | U.S.-Japan Relations Fifty Years after Pearl Harbor | 181 |
| 23 | Trade with China: Add Bite to America's Bark | 189 |
| V | European Union: Fantasies, Problems, and Impact | 193 |
| 24 | Euro Realities, Fantasies, and Problems | 195 |
| 25 | EMU: Will It Happen, Will It Not, and What Difference Does It Make? | 211 |
| 26 | If the Franc Falls, So Will Europe's Dream of a Common Currency | 217 |
| 27 | Why the Mighty Mark Is a Sitting Duck | 221 |
| 28 | Europe's Money: Implications for the Dollar | 225 |
| 29 | Fifty Years Deutsche Mark | 237 |
| 30 | Scenarios for Europe | 241 |
| VI | A Latin Disease? Or Triangle? | 245 |
| 31 | The Latin Triangle | 247 |
| 32 | Mexico - The Folly, the Crash, and Beyond | 265 |
| 33 | Another Peso Disaster May Be Waiting in the Wings | 281 |
| 34 | Brazil Has Run Out of Excuses | 285 |
| 35 | Argentina's Monetary Policy Lesson for Mexico | 289 |
| 36 | How Not to Safeguard South Africa's Democracy | 293 |
| 37 | Mexico Should Ditch the Peso for the Dollar | 297 |
| 38 | Brazil's Policy Options for the Second Term | 301 |
| 39 | Brazil Beyond Tropical Illusion | 305 |
| VII | The East Asian Miracle, Not Quite | 309 |
| 40 | Paper Tigers, the IMF, and the World Capital Market | 311 |
| 41 | Why Is Japan Shooting Itself in the Foot? | 315 |
| 42 | What's the Weakest Link in the World Economy? Japan | 319 |
| 43 | Mexico Learned Its Lesson, Now, Will East Asia? | 323 |
| 44 | A Bailout Won't Do the Trick in Korea | 327 |
| 45 | An Achilles' Heel That Could Cripple China | 331 |
| 46 | Next, China? | 335 |
| VIII | Good People and Bad Ideas | 339 |
| 47 | A Requiem for Chancellor Kohl | 341 |
| 48 | Oskar Is Trouble | 343 |
| 49 | The Crisis of Global Capitalism: Mixed Praise for Soros | 347 |
| Index | 351 |