The Long Twentieth Century: The Great Divergence: Hegemony, Uneven Development, and Global Inequality

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The volume consists of historical surveys of North-South cross-border economic flows and their impact on the Third World. Each chapter discusses international trade, investment, finance, and labor from the late nineteenth century to the present. The end of the Cold War and the unchallenged hegemony and ascendance of the USA politically has been followed by the emerging evidence of changing global economic inequality. In this book, the era of imperialism and the emergence of the developmental state and selective industrial policy are surveyed along with their impact and implications. Particular attention is given to similarities and differences in the transformation of various regions in the last quarter century which is associated with increased economic volatility, growing international economic inequalities, reduced aid flows and other contradictory economic developments favoring trans-national corporate (especially financial) ascendance.

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Jomo K. S. Professor of Applied Economics, University of Malaya.