Introduction It is no exaggeration to say that, within the mainstream of development thinking, the idea of creating markets through policy reform has increasingly been subsumed within the task of containing the risks of markets through ‘good governance’.1 Such a focus on governance has also spread into the world of private and public investors and corporate financial institutions, where the difficulties presented by protective trade and investment regimes are increasingly replaced with a concern for the risks posed by arbitrary authority, lack of clear regulatory frameworks and corruption.