Globalization Under Hegemony: The Changing World Economy

One of two companion volumes, this collection offers rich historical insights into different dimensions of economic developments as they affect globalization. The essays trace factors that have been responsible for the growing inequalities between the North and the South — exploitative colonialism as well as trade, capital, and labour flows — during the ‘long twentieth century’, the period from the mid-nineteenth century to the present. The initial essay underscores the significant contribution of transfers from the colonies for capital accumulation during the early decades of the industrial revolution. Others compare and contrast the earlier episode of globalization in the half-century before World War I with the contemporary episode since the end of the twentieth century. Some essays consider the significance of capital flows, the terms of trade, and flows of un-free labour in the world economy during the long twentieth century. The concluding essays underscore the significance of pro-active interventional states for all major development events in recent centuries as well as the key role of trade and industrial policies in such efforts. Taken together, the collection suggests that economic and political globalization during the long twentieth century have benefited the north, often at the expense of the south, besides identifying the necessary conditions for achieving economic development. Written by eminent economists, this wide-ranging book will be valuable for students of economic history, development studies, and world history.