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This paper seeks to use the way in which markets in derivatives have developed historically to examine how neo‐classical market‐oriented economic theory has been used as a stalking‐horse to create an illusionary market in the increasingly complex derivatives that have brought about the current global financial crisis and which threaten liberal democracy.

The paper analyses the current global financial crisis using three separate themes in the development of derivatives themselves: the development of financial derivatives themselves; the subversion of risk analysis; and the co‐opting of the concept and analysis of fair value by the financial services industry and its support network. These themes are used to show how self‐regulation, supervision and the perception of risk have effectively been abandoned in the creation of an immensely profitable market based on an imaginary product. The study uses a combination of available facts and figures from professional literature and from international financial institutions and financial services organisations, as well as comparative analyses outlining financial services praxis.

It is suggested that in an effectively unregulated, globalising capitalism this crisis and others like it are inevitable, and that the self‐regulating capacities of capitalism suggested by neo‐classical theory are non‐existent.

The paper uses facts and figures provided by the financial services industry to illustrate the poverty of the theoretical justification of the market in financial derivatives and the critiques of various practitioners and experts to point out that the crisis came foretold.

The purpose of this extended editorial is to reflect on the journey of critical perspectives on international business over the past seven years and to look forward to future issues and potential concerns of the journal. In addition, the contents of the current issue are introduced.

Using the form of a conversation between the journal's co‐editors, the development of the journal and features of its content over the last seven years are discussed, and related to the ever changing external context. The current trends and concerns emerging in the field of international business are used to speculate on the future direction of the journal and its prospective content.

By tracing key points and features of the development of the journal over the past seven years, this paper identifies a growing need for critique of international business in all its various forms, and, especially from inter, multi and trans‐disciplinary perspectives.

This is the first attempt to evaluate critical perspectives on international business. As such, it offers a foundation from which to speculate on the future development of both the journal and the field of critical studies on international business.

The purpose of this paper is to set out an agenda for promoting collaboration between researchers in critical geography and critical management studies.

The paper is divided into two main sections. In the first, a detailed discussion of the nature of critical perspectives in the two traditions is advanced which focuses upon the nature of the two disciplines, the contested meaning of “critical” approaches and our relationship with the wider political world. The opportunities for collaboration are explored in more specific detail through consideration of the ongoing attempts to develop a new perspective on the current international pre‐occupation with corruption and anti‐corruption initiatives, which is both critical and multi‐disciplinary.

In trawling through the political economy of the development of an idea, corruption, the paper demonstrates, not just the part that a critical geographical narrative has to play in informing policy, but also the vital links that geography has to develop with the critical appraisal of business, business management and economics. The paper calls for the combining of insights from both traditions to better assess what is signified by corruption, how the concept is used in the business world and how to convince policymakers that, in this area at least, there is no such thing as a consequence‐free policy.

This paper's originality lies in: its bringing together of two distinct research traditions in geography and management studies; and the novel approach it espouses in relation to refining our understanding of the meaning of corruption and its place in broader debates about economic policy and broad patterns of development.