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This article reviews two recent books on persistent inequalities in the global economy and the role of colonial legacies and racial hierarchies in explaining them. Adom Getachew's Worldmaking after Empire (2019) and Franklin Obeng-Odoom's Property, Institutions, and Social Stratification in Africa (2020) draw on the Black Radical Tradition and stratification economics respectively to challenge mainstream understandings of racial hierarchies. After first outlining the strengths and key insights of each book, the author discusses how they could be expanded in a more radical manner, along the lines of anti-colonial, decolonial and black Marxism. She argues that in order to understand how racial hierarchies are connected to the development of capitalism, further engagement with radical scholarship that sees race and class as co-constituted would be required.

ABSTRACTThis article evaluates the relevance of dependency theory for understanding contemporary development challenges, especially in the light of changes in the global economy over the past 50 years. In order to do so, the article rectifies previous misunderstandings of the scholarship and offers a new definition of dependency theory as a research programme, rather than a singular theory. Four core tenets of this research programme are identified: a global historical approach; theorizing of the polarizing tendencies of global capitalism; a focus on structures of production; and a focus on the specific constraints faced by peripheral economies. While each of these elements can be found in many contemporary theories, what makes dependency theory unique — and a particularly strong research programme — is the combination of these elements. The article demonstrates how this approach provides a deep and broad understanding that is necessary to appreciate the persistence of uneven development with reference to two case studies, namely successful industrialization in South Korea, and how the fragmentation of global value chains has impacted industrialization in Indonesia. Finally, the article argues that approaching these kinds of cases through a dependency research programme can contribute to a fruitful renewal of development studies.

This article evaluates the relevance of dependency theory for understanding contemporary development challenges, especially in the light of changes in the global economy over the past 50 years. In order to do so, the article rectifies previous misunderstandings of the scholarship and offers a new definition of dependency theory as a research programme, rather than a singular theory. Four core tenets of this research programme are identified: a global historical approach; theorizing of the polarizing tendencies of global capitalism; a focus on structures of production; and a focus on the specific constraints faced by peripheral economies. While each of these elements can be found in many contemporary theories, what makes dependency theory unique — and a particularly strong research programme — is the combination of these elements. The article demonstrates how this approach provides a deep and broad understanding that is necessary to appreciate the persistence of uneven development with reference to two case studies, namely successful industrialization in South Korea, and how the fragmentation of global value chains has impacted industrialization in Indonesia. Finally, the article argues that approaching these kinds of cases through a dependency research programme can contribute to a fruitful renewal of development studies.

Front Matter -- Copyright -- Contents -- Contributors -- Introduction: uneven development - addressing causes versus treating symptoms -- PART I Nature-made versus policy-made sources of uneven development -- 1. Uneven economic development: identifying the blind spots of mainstream economics -- 2. Geography, uneven development and population density: attempting a non-ethnocentric approach to development -- 3. Redirecting growth: inclusive, sustainable and innovation-led -- PART II Assumptions, abstractions and approaches to uneven development -- 4. Altered states: Cartesian and Ricardian dreams -- 5. Gender and uneven development -- 6. Dependency theory: strengths, weaknesses, and its relevance today -- 7. The need to centre imperialism in studies of uneven development -- 8. Imperialism: a note on the unequal treaties of modern China and Japan -- PART III Understanding mechanisms that create and prevent inequality -- 9. Physiocracy, guillotines and antisemitism? Did economics emulate the wrong Enlightenment? -- 10. Technological retrogression and persistent poverty -- PART IV When nations and systems decline and collapse -- 11. When nations collapse: a note on Jacob Bielfeld's 'On the Decline of States' (1760) -- 12. Free trade with the former COMECON countries as unequal exchange -- 13. Escaping the poverty trap in China: the co-evolution of diversity in property and economic development -- 14. Recent experiences of successful economic policies: the case of Uzbekistan -- PART V Finance versus the real economy -- 15. Uneven development, financialised capitalism and subordination -- 16. Unequal growth and the single currency: the fiscal policy paradox -- PART VI Ecology -- 17. Identifying ecologically unequal exchange in the world-system: implications for development -- Conclusion: what are the important lessons from history? -- Index.

AbstractThe financialization debate has not paid enough attention to the African continent. The continent's populations and governments have found creative ways of dealing with the capitalist world market and political power relations since decolonization in the late 1950s. However, several forms of structural dependence and subordination persist. We ask in this article how the global process of financialization has unfolded across the continent and what it means for relations of dependence. We understand financialization as the global expansion of financial practices, and, in particular, the financial sector, that followed the end of the Bretton Woods era. We consider to what extent it has occurred at all in the four case study countries of Mauritius, Nigeria, Zambia, and South Africa. The empirical analysis of aggregate country data shows that financialization is, at best, an uneven and patchy process on the continent, not a general structural shift in the way capital accumulation is organized. Rather, where financialization occurred, it appears to have diversified the relations of dependence that states, corporations, and populations have found themselves in.

ABSTRACTThis article examines the development and implications of local currency bond markets (LCBMs) in African countries in the context of international financial subordination (IFS). Despite the promotion of LCBMs as a solution to debt vulnerability, there is a dearth of research that offers a systematic empirical examination of their actual benefits along with conceptual explanations as to when and why such benefits may or may not materialize. This is especially true for countries at the bottom of the global economic hierarchy. To explore how the subordination in global production and financial systems shapes LCBM development, the article offers an empirical analysis of selected African countries that combines interviews with policy makers, officials and experts with statistical data. The findings suggest that while LCBMs offer some benefits, such as mitigating risks associated with foreign currency debt, their potential is limited by the structural processes created by IFS, such as their dependence on the global financial cycle, the relatively higher costs of this debt and the sustained constraint on macroeconomic policy making. However, there are also domestic factors which shape how these structural constraints are mediated in the context of LCBM development — in particular, historically developed financial structures of developing countries, the political economy of the state and the structure of production. This study thus contributes to the debate about the developmental benefits of domestic debt market development and the emerging research agenda on IFS.