Political Economics of World Capitalism

Abstract

Two recent events have caused a paradigm shift in political economics: (a) the unprecedented achievements of east Asia, and (b) the fall of the Soviet Union. The contemporary world displays two contradictory signs in three spheres-economic, political, and religious. Forces of liberalism and those of ultra-conservatism seem to be at work at the same time. With elements from the contributions of Kosambi, Mahalanobis, and Myrdal on India, the author constructs a theory, and projects it on the global scene to illuminate the present complex reality. With the third industrial revolution beginning in the aftermath of the second world war, the international economic order has entered a new stage. The dynamics of this New Imperialism is captured here with 'the new growth theory' formulated in the 1980s. Where did the 'dependency theory' go wrong? Is the theory of 'unequal exchange' false? What is driving India towards globalisation? These are some of the questions that are addressed.