The globalization of capitalism in Third World countries /

Maitra deals with a very important and timely subject--the globalization of capitalism--and has assembled impressive statistics to fortify his main arguments. He correctly identifies the two fundamental contributions of capitalism to the world economic order: a sustained increase in real per capita income due to increased productivity; and the metamorphosis of stagnant and prescientific feudal economic order into a progressively science-based capitalism with dynamic impulses for technological change. According to the author, internalization of capitalism occurred in three stages. The first stage consisted of the spread of industrialization in Europe and the colonies. The second stage consisted of the massive transfers of financial assets and foreign investments. The third stage consisted of globalization of production in the relentless search for profits. The theories are woven into the discussion in a lucid way. To Maitra's credit, he discusses some of the usually neglected authors such as Hobson, Dobb, and others. Contrary to the author's view, this reviewer believes that India's lackluster economic performance is due to its socialist policies. A valuable volume for professional and academic collections, lower-division undergraduate and up. C. J. Talele Columbia State Community College