how opening up trade—one of the key items of the Washington Consensus—was supposed to work. As barriers to imports were slashed, firms that were unable to compete internationally would shrink or close down, releasing their resources (workers, capital, managers) to be employed in other parts of the economy. More efficient, internationally competitive sectors, meanwhile, would expand, absorbing those resources and setting the stage for more rapid economic growth. In Latin American and African countries that adopted this strategy, the first part of this prediction largely materialized, but not the second. Manufacturing firms, previously protected by import barriers, took a big hit. But the expansion of new, export-oriented activities based on modern technologies lagged. Workers flooded less productive, informal service sectors such as petty trading instead. Overall productivity suffered.York, are adapting to climate change. From left, Radley M. Horton, Associate Research Scientist, Center for Climate Systems Research, Columbia University; Elliott Sclar, Professor of Urban Planning and International Affairs and Director of the Center for Sustainable Urban Development, the Earth Institute, at Columbia University; and Michael B. Gerrard, Andrew Sabin Professor of Professional Practice and Director, Center of Climate Change Law, Columbia Law School. Not pictured: Cristina Rumbaitis del Rio, Senior Associate Director, The Rockefeller Foundation.

NEW BOOK BY BANKRUPTCY COMMITTEE

The City Bar's Bankruptcy and Corporate Reorganization Committee has authored a new book entitled Examiners in Bankruptcy Cases, A Guide for Examiners, Courts and Practitioners. Written by attorneys who have served as or represented examiners in leading cases and former bankruptcy judges who have presided over such cases,