This work argues that the economic framework of new-liberalism and globalisation is forcing a false dilemma on the nations of the south. The idea that they must integrate their economies into the global economy by means of export-led growth, or risk economic marginalisation and stagnation, runs counter to the actual evidence of economic history. Nor is it inevitable that state and market be in diametric opposition. With clarity, wit and abundant empirical evidence, the author explores the internal inconsistencies of neo-liberal economic theory. The fundamental question is not whether to export, but why. And the ultimate goal of any country's economic policy must be the development of the internal market and the pursuit of social well-being. He lays out the case for a strong, innovative and interventionist state that mediates private interest with the larger national interest. The south must reject the false logic of globalisation that there is no choice, and recognise instead that the real folly is to integrate with the global market without developing the internal market.