ABSTRACT
As noted in Chapter 1 above, critical theories of the global system tend to emphasise the inequality between the developed and developing worlds as an inherent feature of the global order. Decisive power rests with the bourgeoisie of the developed capitalist countries, although a subordinate local “comprador” bourgeoisie helps to exploit the developing countries, receiving in its turn a share in the resulting profits. This case study challenges that model. A globalising corporation with roots in the developing world becomes the favoured partner of the World Bank in its pursuit of the interconnected goals of definitively incorporating the former Communist states into a single global economic order, and restructuring state-owned steel companies around the world into part of a globalised, privately held industry. The case study also shows the international financial institutions as leaders in global restructuring, rather than handmaidens of large western corporations.
