First published in 1991 this text provides an incisive analysis of theories concerning the origins of economic inequality between nations. Central to the author's investigation is the concept of underdevelopment, and a focus on successive Western 'systems of conceptualisation' of the relationship between the west and the rest of the world. The first part of the book concerns the Marx/Engels theory of the Asiatic mode of production, and the anti-Imperialist reaction against Eurocentrisim initiated by the theoretical synthesis of J. A. Hobson. This is followed by an examination of the post-World War II era, particularly the evolution of development studies and the differing versions of dependency theory.

The author concludes with an analysis of the most recent reactions against economic imperialism and dependency theory, and concludes with an assessment of their implications for the further economic development of today's Third World.