CARLOS M. PELÁEZ received a PhD and BS, Phi Beta Kappa, from Columbia University, City of New York, USA. He has published books, essays and articles worldwide, including International Financial Architecture and The Global Recession Risk. He was Director of the Banco Chase and of the Rio de Janeiro Association of Banks and vice President of Chase Manhattan Bank, USA. He is Managing Director of CMP Associates, USA. CARLOS A. PELÁEZ received the AB in Statistics from the University of Chicago, USA, and the JD from The University of Pennsylvania Law School, USA, where he was Senior Editor of the Journal of International Law. He published International Financial Architecture and The Global Recession Risk, a book on globalization and an essay on the global electric industry. He works for a large law firm in New York City, USA.