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[...] “The general opinion seems to have been that the negroes were worked too hard, and … that this was often deliberately done, as many masters considered it cheaper to buy slaves than to breed them.”166 As a consequence, the colony was forced to import Africans at a rate, which, by the time of t…

World labor unrest in the twentieth century, we argued in Chapter 4, has been embedded in a pendulum swing between crises of profitability and crises of social legitimacy. The crisis of profitability marked by the Great Depression of the late nineteenth century was resolved through a series of fixe…

The financial fix and the shift in international regimes are critical explanatory factors because they are the two elements that distinguish the late-nineteenth- and late-twentieth-century periods of globalization from the thirty to forty years following the Second World War. As we argued in Chap…

More generally, there has been a systemic tendency for technological and product fixes to recurrently produce monopoly windfall profits in high­ income countries where innovations concentrate, while low-income coun­tries rarely share in the windfall. Moreover, protectionism has also played a promin…

Initially, the financial fix further strengthened the bargaining power of workers in the Second and Third World states. In the 1970s (in sharp contrast to what would happen in the 1980s), loan capital flowed freely to Second and Third World countries. With capital "on strike" in the First World, an…