Peace brought an enormous and unfounded optimism: not only was political and economic development desirable and possible, the two were thought to be mutually re-enforcing. The theory and practice of "development" has changed radically since then. Indeed, scholars no longer agree (or perhaps even lack an interest in defining) what "development" is, who it is for and whether it is desirable. Today, instead of "development" we have "emerging markets"-a catch phrase that embodies a deep transformation of the state, the economy and the relationship between human beings and market forces. Instead of genuine participation we live in an era where "democracy" has become an empty slogan that disempowers people from affecting real decisions that shape their daily live. Why did this happen? What does it mean? How did we get to where we are today?