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underdeveloped countries with a huge reservoir of cheap labour, have resulted in a shift in the location of investments which is creating a new international division of labour. Chandrashekhar argues that this is essentially only a possibility rather than a generalized global tendency; and furthermore the very possibility of this tendency results in enhanced international economic conflict, measures for protection, etc, which then curtail the operation of this tendency.
The papers by C.P. Bhambhri, EMS Namboodiripad and B.T. Ranadive deal essentially with the political aspects of imperialism. While each makes some individually valid points, together they raise, once again, the problem of treating the Socialist bloc as an entity which has transcended the problems of prevailing international trading and financial patterns, and exist for Third world countries largely as friendly and fraternal givers of desperately required aid. It could be argued that these contributions are also overly optimistic about the progressive nature of all post-independence governments in Asia, Africa and Latin AmericaŚmany of which are repressive and autocratic regimes heavily dependent for their survival on economic and military support from the Western powers. The unusual complexity of international political and economic relations does not emerge from these contributions, although the major negative features of the political hegemony of western imperialism is sufficiently highlighted.
From what has already been stated it would be apparent that this volume is an extremly varied, interesting and occasionally rich collection which provides insights into many basic issues of the world economy today and an analytical framework in which to in corporate these insights. It could be that the ultimate test of a book is the number of questions it raises in the reader's mind. In that context, this volume is particularly stimulating Thus certain other questions emerge which could perhaps also have been fruitfully dealt with in this book, such as the role of newly-industrialising countries in adapting to and even becoming competitors of established imperialist industrial nations; the impact of state policies to circumscribe or substitute TNC domination in a number of Third World countries; the nature of the links of domestic capitalists in Third World countries with their counterparts in the developed world; the varying bases, as well as impact of the transactions of the Socialist bloc with the Third World countries. \
CESP, Jawaharlal Nehru University, New Delhi.