Professor Lavelle has done the world of business and economics a service by explaining the political considerations that often impact emerging market stock markets of which some people have become so enamored during the past ten years. The chapters dealing with Latin America are particularly good. It would be an excellent idea if for the next edition of this book the author would discuss at length spontaneous privatizations in former communist countries. These in turn have resulted in "mafia capitalism" in some countries, a phenomenon worth exploring. Generally though the book is quite good and thought-provoking. Nestor Enrique Cruz