The last two decades have been characterized by remarkable changes in the structures and policy regimes governing accumulation in the world system. The qualitatively different global conjuncture that has resulted from these changes is loosely captured by the term 'globalization', used to characterize the processes that have unfolded during these years. While these processes were driven in the first instance by developments that occurred in the metropolitan centres of world capitalism, they have also affected the rest of the world. They have changed the distribution of assets, resources and incomes between and within individual countries, as well as triggered institutional changes that are altering the nature of capitalism in developed and developing countries. They have also changed the conditions of work and the associated conditions of life for people across the world.
Assessing and analysing the precise nature of these changes is the dominant concern of the papers collected in this volume. They are aimed at furthering the understanding of the institutional features that define the current conjuncture in world capitalism, of the mechanisms of expansion and accumulation that those features entail and their implications for growth and distribution in different regions of the world.
Jayati Ghosh and C.P. Chandrasekhar are Professors of Economics at Jawaharlal Nehru University, New Delhi, India. They have co-authored Crisis as Conquest: Learning from East Asia (2001) and The Market that Failed: A Decade of Neoliberal Economic Reforms in India (2002).