A revised version of this paper is published in the Review of Radical Political Economics, September 2000

In Dymski, Gary, and Dorene Isenberg, eds., Housing Finance Futures: Housing Policies, Gender Inequality, and Financial Globalization on the Pacific Rim, M.E. Sharpe, Inc. 2000.

The economic case for trade liberalization rests on its capacity to extend the reach of the market's fabled invisible hand. With the globalization of the market, however, comes a globalization of market failures arising from the fact that prices do not to capture 'external' costs and benefits to...