ABSTRACT
Twenty years ago the structure of the capitalist world economy (CWE) seemed quite simple. Orthodox economics spoke of an international economy in which exchanges of goods and factors took place across national boundaries, and nation-states could be treated for analytical purposes as individual economic actors. The interpenetration of 'national' capitals has proceeded apace, first in manufacturing and more recently in banking, services and commerce. Under the banner of the 'new international division of labour (NIDL)', new forms of economic fragmentation and dependency have taken shape. Economic policy in every country has tended to be reduced to monetary and fiscal austerity, and the enforced commodification of labour-power. A look at the patterns of economic activity and politics within individual developed countries (DCs) suggests that only the USA, Japan and possibly West Germany can seriously still aspire to the model.
