Marx had already intuited the global destiny of capital in the mid-nineteenth century, recognizing that capital’s insatiable drive for accumulation would eventually extend beyond national borders, reshaping societies worldwide. Fast forward to today – the global economy has expanded beyond measure, demanding countries to put their domestic economies in the service of the world economy instead of the other way around. This tension, particularly for countries in the Global South, is at the heart of contemporary inequalities.
In the 1990s, policymakers worldwide embraced globalization as a transformative engine of growth, promoting it as a means to foster economic integration, technological advancement, and prosperity. Since then, there has been no significant reversal of this trajectory. Even when populist backlashes emerged – primarily in Western democracies – these critiques have largely centered on issues such as immigration, refugees, and the perceived erosion of national sovereignty of liberal democracies. What has been systematically, and relentlessly sidelined are the structural challenges that developing countries face on their path to integration into the global economy.
This book aims to shift the focus back to the often-overlooked challenges that accompany global integration, offering a critical reappraisal of global capitalism through the lens of a globalized India. India’s integration into the global economy has highlighted a complex reality – marked by deepening inequalities, environmental degradation, and the erosion of social protections. Through this lens, the book seeks to provide a deeper understanding of how global capitalism has shaped the development trajectories of developing nations, questioning the assumption that integration into the world economy inherently leads to shared prosperity. By bringing these discussions to the forefront, the book aims to enrich debates on globalization, justice, and the future of economic policy in the Global South.