Global capitalism is not a level playing field but is instead a system designed to perpetuate the wealth and dominance of the Global North at the expense of the Global South. Here is a breakdown of the key thinkers and their central ideas, categorized by their school of thought. 1. The Foundational Theories: Dependency and World-Systems These theorists moved beyond the simplistic "developed vs. underdeveloped" narrative to show how the development of the core (Global North) actively caused the underdevelopment of the periphery (Global South). · Raúl Prebisch and the ECLAC School: An early key figure. Prebisch argued that the terms of trade for primary commodities (exported by the South) deteriorate over time relative to manufactured goods (exported by the North). This creates a structural deficit for the South. · Andre Gunder Frank: Famous for his phrase, "The development of underdevelopment." He argued that the capitalist world system actively underdeveloped the "satellite" regions (the periphery) for the benefit of the "metropolis" (the core). The poverty of the South is a direct result of its exploitation by the North. · Immanuel Wallerstein: Developed the comprehensive World-Systems Theory. He divides the world into a Core (North), Periphery (South), and Semi-Periphery. The Core extracts raw materials and cheap labor from the Periphery, enriching itself, while the Periphery is kept in a dependent, subordinate position. This is not an accident but the fundamental logic of the historical capitalist system. 2. Modern Political Economists and Critics These contemporary writers build on the foundational theories and apply them to modern issues like neoliberalism, financialization, and debt. · Ha-Joon Chang: A brilliant economist who challenges the orthodoxies of free trade. In books like Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism, he argues that rich countries "kick away the ladder" they used to climb to prosperity by forcing poor countries into policies (like premature free trade) that prevent them from developing their own industries. · Vandana Shiva: An eco-feminist and philosopher, she writes powerfully about how global trade rules (like WTO agreements on intellectual property) allow Northern corporations to patent seeds and life forms, dispossessing farmers in the Global South of their traditional knowledge and means of subsistence. She calls this "biopiracy." · Naomi Klein: In The Shock Doctrine, she argues that neoliberal "free market" policies are often forced upon countries in the Global South during moments of crisis (natural disasters, political coups), a process she calls "disaster capitalism," leading to massive inequality and wealth extraction. · John Smith: In Imperialism in the Twenty-First Century, he focuses on the role of global supply chains. He argues that the super-exploitation of low-wage labor in the South is the central source of profits for modern multinational corporations, creating a "global labor arbitrage." 3. Postcolonial and Decolonial Thinkers These scholars focus on the cultural, historical, and knowledge-based dimensions of the inequality. They argue that the economic system is propped up by a worldview that devalues the Global South. · Walter Rodney: His classic book, How Europe Underdeveloped Africa, is a masterful historical account of how the slave trade and colonialism systematically dismantled African societies and economies for European benefit. · Edward Said: While not an economist, his concept of Orientalism is crucial. It describes how the West constructs the "Orient" (and by extension, the Global South) as backward, irrational, and inferior. This intellectual framework justifies political and economic domination. · Aníbal Quijano: Developed the concept of the "Coloniality of Power." He argues that the patterns of power established during colonialism (a racial hierarchy with Europe at the top) did not end with formal independence but continue to structure global capitalism, knowledge production, and social relations today. 4. Key Concepts They Explore The writers above analyze these specific mechanisms of inequality: · Unequal Exchange: The idea that the Global South receives less in value for its exports than it gives in the value of its labor and resources. · Ecological Debt: The Global North's historical and current consumption of global resources has caused the majority of environmental damage, for which the South pays the heaviest price. · The Debt Crisis and Structural Adjustment: How loans from the [[The International Monetary Fund|IMF]] and World Bank were used as leverage to force Southern countries to privatize public assets, cut social spending, and orient their economies entirely for export, often with devastating social consequences. · Intellectual Property Rights: How patent laws (TRIPS agreement) prevent the Global South from accessing affordable medicines and technologies, locking them into a position of technological dependency. · Race and the International Division of Labor: How racial hierarchies from the colonial era continue to inform which populations are deemed "cheap labor." Where to Start Reading If you are new to this topic, here are accessible entry points: 1. Ha-Joon Chang's Bad Samaritans: Very readable, uses historical examples to debunk free trade myths. 2. Naomi Klein's The Shock Doctrine: A gripping journalistic account of how crisis is exploited. 3. Walter Rodney's How Europe Underdeveloped Africa: A foundational text that is clearly argued and historically grounded. In summary, the critique of global trade and its inherent inequalities is a rich and well-established field. It argues that the global economic order is not a neutral system of exchange but a historically constructed one that perpetuates the power and wealth of the Global North.