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Twentieth-Century Political Economy: A Brief History of Global Capitalism

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  • Sachs, Jeffrey D

Abstract

Modern capitalism emerged in the early nineteenth century in western Europe and the European offshoots of the Americas and Oceania. Recognizing the unparalleled dynamism of the new socio-economic system, Marx and Engels predicted in 1848 that capitalism would spread to the entire world. By the end of the twentieth century, that prediction was confirmed: capitalism had indeed become global, but only after a tortuous and violent course of institutional change in many parts of the world. This paper provides a brief account of the emergence of global capitalism, and discusses some of the reasons why the diffusion of capitalism has been so conflictual and violently contested. Copyright 1999 by Oxford University Press.

Suggested Citation

  • Sachs, Jeffrey D, 1999. "Twentieth-Century Political Economy: A Brief History of Global Capitalism," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 15(4), pages 90-101, Winter.
    • Handle: RePEc:oup:oxford:v:15:y:1999:i:4:p:90-101
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    Cited by:

    1. Australian Treasury, 2001. "Global poverty and inequality in the 20th century: turning the corner?," Economic Roundup, The Treasury, Australian Government, issue 1, pages 1-52, May.
    2. Zoya Mladenova, 2005. "XX Century and the Evolution of the Economic Theory (Neoclassical Theory: Development of Microeconomics)," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 3-23.
    3. Jackson, Terence & Amaeshi, Kenneth & Yavuz, Serap, 2008. "Untangling African indigenous management: Multiple influences on the success of SMEs in Kenya," Journal of World Business, Elsevier, vol. 43(4), pages 400-416, October.

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