Abstract
Robin Broad has written an important book about the involvement of the World Bank and, to a lesser extent, the International Monetary Fund (IMF) in the unsuccessful attempt to transform the Philippine economy from one based on export of raw materials and import-substitution industrialization to one driven by export-oriented industrialization. Drawing on internal World Bank documents and over a hundred interviews with officials of the World Bank and the Philippines, informed business people, academics, politicians, and activists, Broad examines the policy-making process that resulted “from the interaction of interests of local transnationalist classes and international institutions, challenged, with varying degrees of success, by nationalist factions” (pp. 18–19). Her conceptual framework is one that sees the Philippines as an example of dependent development.
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