Courting the Washington twins at the cost of economic justice

First of all let me dispel the impression that the dependency theory has lost its analytical value. This notion is based either on meager acquaintance with this theoretical tradition or a willful attempt to preempt a critical look at the role played by the Bretton Woods institutions in integrating Third World production and trade into the global economy dominated by metropolitan capital. Dependency theory does not typically begin and end with the works of Andre Gunder Frank and Immanuel Wallerstein. In its proper Marxist version it is rooted in the works of Fernando Henrique Cordoso and Theotonio Dos Santos. Supplemented by the investigations of Ernesto Laclau and others into the articulation of different modes of production in the specific contexts of Latin America and Africa, it remains a powerful theoretical tool for understanding economic and social change in the Third World. The major analytical concerns of dependency theory-historical specificity, class formation and conflict, internal labor regimes, location in the international economy, and the role of the state-have also been lifted and incorporated in the “new” pluralistic, liberal syntheses being passed as “advancements” over the dependency theory

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