The book "Capital Account Liberalization and Economic Growth" by Kang-Kook Lee provides a comprehensive analysis of the economic impacts of capital account liberalization on economic growth. It consists of three essays that examine different aspects of financial opening. The first essay uses cross-country regressions and a novel measurement of capital account openness to analyze the growth effects of financial liberalization. The second essay focuses on South Korea and investigates whether financial opening and foreign capital inflows have eased financing constraints and made investments more efficient. The results show that there is no evidence that capital account liberalization promotes long-term growth. The final essay looks at the historical development of capital controls and their role during the 1997 financial crisis in South Korea from a political economy perspective. This study offers a critical assessment of the common support for financial globalization and highlights the importance of alternative development strategies.