In this seminal work, U.S. development specialist Robin Broad chronicles the Philippine experiment with the structural adjustment model of development espoused by the World Bank and the International Monetary Fund.

Robin Broad is a resident associate at the Carnegie Endowment for International Peace and an international affairs fellow of the Council on Foreign Relations.

"An informative account of economic policy in the Philippines in the 1970s and 1980s. . . . Broad's numerous quotations provide information on public opinion not ordinarily found in economic or political studies."—Colin D. Campbell, The American Academy of Political and Social Science Annals

"The fallacies of structural adjustment solutions to debt crisis, as designed by the World Bank and the International Monetary Fund, have been widely noted in previous works. . . . Never, however, has there been a case study of this depth, based on both internal sources and participant interviews. What makes this effort even more arresting is the rigorous use of Bank-Fund criteria to refute its own model."—World Development

"In this cleverly argued attack on the development orthodoxy espoused by the World Bank and the International Monetary Fund (IMF), US economist Robin Broad shows how their prescribed strategy of export-led development has soured the economic prospects of the Philippines. . . . A valuable work."—Jonathan Friedland, Far Eastern Economic Review

"An excellent book. . . . [It] provides a unique picture of the processes of globalist institution transformation in a crucial, less developed country."—John Willoughby, American University