The 1999 Annual World Bank Conference onDevelopment Economics, the eleventh anniversary, was held atthe Bank on April 28-30, 1999. The discussions focused onthree trends of development: 1) the emerging internationalfinancial architecture; 2) challenges to social development;and 3) lessons from a decade of transition. Twelve paperswere presented on a variety of topics including corporategovernance, short-term capital flows, and the relationshipsbetween crime, violence, and inequitable development. Thekeynote addresses by Noble Laureate Kenneth Arrow, Secretaryof the US Treasury Lawrence Summers, and Joseph E. Stiglitz,senior vice president, Development Economics and chiefeconomist at the World Bank and former chair of the USCouncil of Economic Advisors, broach many of the topics thatwere central to the conference. They examine technologicalknowledge and innovation and global integration and lookback at the arduous process of transition in the formerSoviet Union.