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Selected by the Financial Times as one of the best economics books of 2018, Dance of the Trillions traces an arc from the 1970s, when developing countries first gained access to international financial markets, to the present day.

Underlying this story is a discussion of how the relationship between developing countries and global finance appears to be moving from one governed by the ‘Washington Consensus’ to one more likely to be shaped by Beijing.

This brilliant, well-written book shows how the destinies of developing countries have been shaped by the capricious flows of trillions of US dollars in international capital. When the funds gushed in, many emerging markets flourished, but were just as quickly left stricken when the tides of international capital deserted them. Now, China's rising influence is fundamentally re-plumbing the whole system of global liquidity flows—with huge implications for the future of finance, especially in the developing world.

James Kynge, emerging markets editor, Financial Times and author of China Shakes the World

Dance of the Trillions is an insightful and beautifully written panoramic narrative of international finance in the last hundred years. It describes vividly how international capital flows have played a major role in shaping the fortunes of developing countries.

Hélène Rey, Lord Bagri Professor of Economics, London Business School

About the author

David Lubin is an associate fellow in the Global Economy and Finance Department at Chatham House and head of emerging markets economics at Citi. This book is part of the Insights series, published jointly with the Brookings InstitutionPress.