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."

Contents

1. Introduction
Jomo K. S.

2. The Free Lunch: Transfers From The Tropical Colonies And Their Role In Capital Formation In Britain During The Industrial Revolution
Utsa Patnaik

3. Globalisation, History And Development
Deepak Nayyar

4. Globalization Now And Again
Richard Kozul-Wright

5. Capital Flows In The Twentieth Century: From Pax Britannica To Pax Americana
Benjamin Hopenhayn & Alejandro Vanoli

6. The Commodity Terms of Trade And Their Strategic Implications For Development
Jose Antonio Ocampo & Maria Angela Parra

7. International Flows Of Un-free Labour
Sabyasachi Bhattacharya

8. The Developmental State Under Imperialism
Amiya Bagchi

9. Trade and Industrial Policies During the Age of Imperialism
Chang Ha-Joon