The Economic and Political Dangers of Globalization : A Non-Western Perspective on Global Capitalism

This book explores the economic and political impact of US aggression and the rise of China. Charting the impact of globalization from the Greek and Roman Empires onwards, the contemporary challenges posed by globalization is analysed in relation to both multinational companies and Wall Street banks. The influence of the World Trade Organization is investigated, with a particular focus on how it has created a Washington consensus throughout the world. This book aims to provide a non-Western perspective on global capitalism and the dangers it creates. It will be relevant to students and researchers interested in political economy, economic history, and development economics. Dipak Basu is Emeritus Professor in Economics at Nagasaki University, Japan. He obtained a PhD from the University of Birmingham, England. Previously, he was a Research Officer at the Department of Applied Economics, University of Cambridge and a Lecturer in Econometrics at the Institute of Agricultural Economics, University of Oxford. Victoria Miroshnik is Professor in Management at Reitaku University, Japan. She obtained a PhD from the University of Glasgow, Scotland. Previously, she was Professor at Jindal Global University, New Delhi, and Associate Professor at Tsukuba University, Tokyo and Ritsumeikan Asia Pacific University, Beppu, Japan Introduction Contents List of Figures List of Tables 1 The First Globalization Conquest of India Initial Exploits East India Company Bengal and Britain’s Industrial Revolution Revenue from Taxation, Opium and Indigo Man-Made Famines in British India Occupation of Africa Slave Trade and Its Contribution to the British Finance Slavery and the Wealth of Nations Slave Traders Versus Industrialists? Industrial Revolution and Triangular Trade Measuring Secular De-industrialization in India External Price Shocks and Indian De-industrialization Rest of the Periphery Development in the Late Nineteenth and Twentieth Centuries Modern Scramble for Africa Comments Appendices Table A.1.1: Extraction from Bengal by the East India Company: (in Pounds, Current Price) Table A.1.2: Estimated Income of the East India Company, 1667–1853 (£Million) Table A.1.3: Area, Population, and Estimated Revenue, Area (Sq Miles), British Empire in India, 1853 Table A.1.4: Index Numbers of British Eighteenth-Century Real Output (1700 = 100) Table A.1.5: Extraction from Bengal by the East India Company: (in Pounds, Current Price) Table A.1.6: Estimated State Income, 1667–1853 (£) Table A.1.7: Area, Population, and Estimated Revenue, 1853 Area (Sq Miles) Table A.1.8: Index Numbers of British Eighteenth-Century Real Output (1700 = 100) Table A.1.9: Indian Population, 1751–1871 Year Millions Table A.1.10: Real Wages of Indian Unskilled Laborers, 1600–1871 Year 1871 = 100 Table A.1.11: Cotton Textile Production for the Domestic Indian Market Table A.1.12: Indian Textile Exports to Britain, 1665–1831 Table A.1.13: Total Indian Textile Exports, 1831–1871 Table A.1.14: Export of Bullion to India, by East India Company (1708–1810) Table A.1.15: Revenue of British India, 1878–1879 War Crimes, Massacres, Crimes Against Humanity, and Genocides Enacted by the British Empire Profits Made by the British East India Company Due to Indian Famines References 2 WTO and Its Discontent The WTO Contributes to Unequal Competition Reduced Agricultural Protectionism Absurd Agricultural Policy of India Minimum Support Price in India WTO Protocol Situation in India WEF and the Corporations AGRA and the UN Food Systems Summit India Farming Protests Resonate with US Agriculture WTO and Textiles and Garments Industry WTO and the Least Developed Countries WTO and Africa WTO’s Patent Rules and Public Health in Poor Countries Aid and Technical Assistance to Developing Countries How the WTO Deals with Indigenous Peoples’ Rights A Membership That Pays Off China and the WTO China: A “Rule Shaker” or a “Rule Maker”? Why the WTO Has Not Worked for the World’s Poor Illegal Transfer of Money from India Since Privatization Size of India’s Black Economy Other Estimates Swiss Banking Association Report Contribution of Mauritius Why Mauritius Is more Important than Switzerland The UK’s Role Role of Dubai and the UAE WTO and Inequality Comments Appendix Globalization and Killing Through Vaccines In India In Africa In Pakistan References 3 Empire of China Chinese Empire of Tibet Tibet and the British Chinese Invasion of Tibet Human Rights Violations in Tibet by China Demographic Change in Tibet China’s Empire in East Turkistan Chinese Empire of Manchuria China’s False Claim on Formosa Chinese Empire in Vietnam, the Philippines and Indonesia China and the Asian Financial Crisis on 1998 Comments References 4 Expanding Empire of China Commitment No 1: Prices in Every Sector Must Be Determined by Market Forces Commitment No 2: All Subsidies to be Notified to the WTO and Prohibited Subsidies to be Eliminated Commitment No 3: State-Owned Enterprises (SOEs) to Operate Free of State Influence Commitment No 4: Non-Discrimination in Procurement Commitment No 5: Non-Discrimination in General Commitment No 6: Technical Barriers to Trade (TBT) Commitment No 7: Intellectual Property Rights (IPR) Commitment No 8: Market Access Commitment No 9: Non-Tariff Measures Commitment No 10: Judicial Review Commitments for Specific Areas Automotive Sector Banking Sector Telecommunications The Film Industry Agriculture Retail Industry Legal Services The Fertilizer Industry Import and Export Regulations Unfair Trade Practices Colonization of the Indian Economy by China India-China Conflict in Trade Belt and Road Initiative (BRI) Africa and China China and Asia China in Europe Origin of the Coronavirus: China’s Unrestricted Warfare References 5 American Empire and Its Expansion American Empire and Its Consequence The Goals of Colonialists Slave Trade Cotton Textiles The American Industrial Revolution Latin American Empire of the US American Empire US Imperialism and Libya American Empire in South East Asia Iran and US US and Syria Oil and Syria Afghanistan The Rationale US and Latin America US and Bolivia The Shape of a Socialist Boom References 6 American Collaboration and Resistance to China China and the USA: Effects of China’s Entry to the WTO The Conflict Over Chinese Steel Exports Chinese Subsidies in Agriculture China’s IT Sector: Selective Support for the WTO’s Liberal Trade Order The US Trade Deficit with China Since China Entered the WTO China and the US Job Losses Currency Manipulation US Security and China Dependency of American Businesses on China Human Rights Trump and China Link of China to the Global Economy? Would Companies Return to the United States? Biden Family and China China and the Democratic Party Joe Biden and the Future of India Appendices Appendix 1 Appendix 2 References 7 Global Slavery People on Sale Business Aspect of Human Trafficking Worst in Sub-Saharan Africa 3000 Vietnamese child slaves in the UK Us Sex Trafficking Who Are the Victims? Who Are the Traffickers How Much Money Does the Commercial Sex Economy Generate? UK Child Trafficking China Trafficked Brides How Many Children Are Victim to Child Trafficking? Worldwide Breakdown By Age By Industry Child Soldiers Organ Harvesting Recent Trends Debt Bondage The Fight Against Child Trafficking 27% of Trafficking Victims Are Children Children Are 4 Times More Likely to Be Trafficked for Labor Rather Than Sex India Trafficker Tricks Comments References 8 The Future Nature of Capitalism The Philosophy of Utilitarian Economics of Kautilya Aristotelian Economics The Idealistic Economic Policy Globalization and Imperialism References Conclusion Index This book explores the economic and political impact of US aggression and the rise of China. Charting the impact of globalization from the Greek and Roman Empires onwards, the contemporary challenges posed by globalization is analyzed in relation to both multinational companies and Wall Street banks. The influence of the World Trade Organization is investigated, with a particular focus on how it has created a Washington consensus throughout the world. This book aims to provide a non-Western perspective on global capitalism and the dangers it creates. It will be relevant to students and researchers interested in political economy, economic history, and development economics