By Wil Hout
"Capitalism and the 3rd global" goals to supply a complete overview of dependency and global structures scholarship, and questions no matter if such theories provide a systematic foundation for the learn of diplomacy. Wil Hout compares the theories of dependency and global platforms with their theoretical predecessors and rivals. within the first a part of the ebook, comparisons are made with conventional monetary and neo-Marxist theories of imperialism, the liberal thought of foreign unfastened alternate, Prebisch's structuralism and modernization theories. the second one half analyzes the writings of Andre Gunder Frank, Samir Amin, Johan Galtung and Immanuel Wallerstein, and exams 3 causal types derived from the writings of those students utilizing quantitative macro-political and macro-economic information. This examine can be used for classes on overseas political economic system and improvement economics and will be of specific curiosity to these learning the political economic system of North-South kin.
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Additional resources for Capitalism and the Third World: Development, Dependence and the World System
Magdoff argues that the emergence of the United States as the world's major imperialist power has been accompanied by a heightened foreign activity of its banks and by the dollar's rise to prominence as the international reserve currency. As a consequence of its financial power, the United States is considered to be in a position to sustain 28 Capitalism and the Third World and enhance control over other countries by private investment, governmental foreign aid and military expenditures. (Magdoff 1969, pp.
17-113) The development of imperialism is accompanied by an increase of the economic power of an ever-smaller number of large integrated industrial and financial companies. (Magdoff 1969, pp. 27-66) According to Magdoff the presently developed countries have obtained a higher standard of living and a great amount of capital by the exploitation of non-Western countries, both during the colonialist and the neocolonialist phases of history. The imperialist dominance is often reflected in the control over the sources of raw materials, the conquest of foreign markets.
Various authors from the dependency school, such as Andre Gunder Frank and Samir Amin, have attacked the liberal theory of international trade with the arguments presented above. Some theorists have pursued the argument even further and have analysed the theory as an ideological instrument working mainly in favour of the interests of the developed countries and their bourgeoisies. (Frank 1979a, pp. 94-101; Amin 1974, pp. 37~ 136 and 1976, pp. 133-97; cf. Smith and Toye 1979) For these reasons it is probably no exaggeration to conclude that the liberal free trade theory, which is one of the main products of Western economic thinking, is a central target of dependency theory.
Capitalism and the Third World: Development, Dependence and the World System by Wil Hout