Capitalist accumulation and the internationalisation of capital

DAKAR

? OCT. 197*»

MULTINATIONAL CORPORATIONS IF .aFRICA

(Dakar;

25th September ^- Ootober,,

197--)

CAPITALLST ACCUMULATION hãD THE INTERILUTIONALISATION OF CAPITAL.

(Working Notes on the Centralization and

Concentration of Capital)

S.A, SHAH

JULY 1974

CS2562-3 Rage 1.

CAPITALIST ACCUMULATION AND THE INTERNATIONALISATION OF CAPITAL

(Working

Notes on the

Centralization

and

Concentration of Capital)

According to some popilar

and/or

academic writings the

"economic

wave" of the contemporary world is typified by the rise and spread

of multinational corporations. Rêams and streams of the

written

word catalogue information with respect to

this

phenomena

in ordor

to demonstrate its asset size, technological sophistication,

market

spread and political power. All these aspects

have elements of

validity but what tney tend to de—emphasize and perhaps

mask is tho

process of domination and integration which constitutes a

fundament- 1

characteristic of the capitalist social formation -

mode(s)

of pro¬

duction.''

^{The crucial basis of such a process is to} be located in

what lias come to be called capitalist accumulation.

While there are many versions of the meaning of capitalist

2

accumulation the essence of the variations refers to a particular ly

in the nature of social relations of production that combine struc¬

tural, spatial and temporal

dimensions of

a

single unified and d:\a--

lectically interdependent process. In other words

accumulation

under

the conditions of a capitalist social formation - modes of production requires a growing-accelerating dis-possossion of the means

of

pro¬

duction from the ownership-control of "productive" worker's

(rural

and

urban)

and its centralization and concentration under the owner¬

ship—control of a relatively small group of "non-productive" individual

(capitalists).

Historically, especially during the course

of

the

course of the past three centuries, the process of capitalist accumu¬

lation has spread from the national to the international arena as the capitalist social formation - modos of production passed from its competitive to its monopoly-imperialist forms.

Examining the phenomena of

multinational corporations in the above

context provides a very

different .and scientifically

more

relevant

analysis of their impact

in the contemporary world» The central fea¬

ture of the difference emerging in terms

of underscoring both the

basic continuity of the

capitalist-imperialist attempts at hegemony

and the discontinuity attending the same process

derived from the

growing-intensifying

nature of class struggle.

In the following pages, first a

simplified presentation is made

of the nature of capitalist accumulation,

second specific historical

implications are

briefly indicated and finally

an

illustration provide

describing the character of the

petroleum industry and the contomporar

crisis of energy utilisation in the world»

In terms of the discussion regarding capitalist

accumulation

»

advanced by Marx wo can begin by

distinguishing between two parts

of the work-day. One part representing the

"socially necessary" nunbe

of hours as value or its equivalent in money wages and

the other

rep r e senting the remaining number

of

hours

in the contracted work-day or

its money equivalent as surplus value

(unpaid labour)»^ ^{The capital.is}

providing ^wage employment to

the worker, in order to realise the fun¬

damental' reason for the business of production

(maximise profit) would

necessary attempt to increase the

portion of unpaid labour. Several

means arc available to put this into practice. First if

it takes 5

hours to produce the value equivalent of the

workers

wage

(given

a

work day of 8

hours)

^so that each worker

produces

a

surplus value o.:'

3 hours it would simply require the

additional employment of workers

to increase the stock of surplus value. It is to be noted that

the

capitalist accumulation process in this manner

generates

a

pronounced

tendency to expand the work force and hence

the number of

^wage earners

A second way to increase the surplus value is to

increase the length

of the work-day. This is also known ^as an increase

of absolute surp]

ⁱ

value. A third way to increase surplus value is to decrease

the tine

required to produce the value

equivalent of the workers'

wage.

Prin¬

cipally this is realised by enhancing

labour productivity through the

introduction of machinery, improving the training and

skills, raising

5 the level and quality of education, etc.

CS/2562~3

' Page'. 3.

Increases in absolute surplus value are

constrained "by the

physical limits

of

;

the day and by the size of tjie family* The latter

assumes considerable importance as since the

limit of

one

man's

ability to work is, say, 14 hours,

nothing prevents the capitalist

from employing women and children

at lower

wages*

Thus if

a

family

consists of 3 people working 14 hours each and

their respective

wages

aro the equivalent of 4,2 and 2

hours, total surplus value is 34

hours* If the family consists of 5 workers and the

conditions of

v g

work remain unchanged the total surplus

value is 58 hours.

Increase of relative surplus value means lowering the

costs of

producing and reproducing

workers. The easiest

way

of doing this

is to mechanize the production processes for wage goods*

A textile

factory embodies little labour

in

the

clothing produced relative to

hand production. Large-scale

factory production not only decreases

the cost of producing ^wage goods, it also lowers

the quantity of labour

embodied in the capital goods used.

The means described above can be viewed in an integrated manner

and a pattern of historical change mapped

with respect to societies

passing from an agricultural to an

industrial type of commodity pro¬

ducing activities* In the

initial period of capitalist growth and

expansion there is a rapid increase

of both the number of wage-workers

and the number., of work-day hours. The dispossession of

craftsmen

and peasants from their means of

production is precisely the require-»

mint of this "stage" where the enlargement of absolute

surplus value

assumes dominance*

Following this initial "stage" of the growth

of capitalist

accu¬

mulation and based upon it emerges a second level

characterized by

the growing and widening adoption of

improved techniques, advanced

technology and universal education advancing

proportionate to the rate

of technical change as a high degree of skill

and formal knowledge is

required to operate the new

technology* With the spread of mechaniza-

tion the level of schooling and productivity of the workers also

increases» In such a context a recognition of what has come to

he

known as the optimum length of the work day will he made»

Use of

assembly line production, multiple

shifts, time and motion studies

and shorter work-days are all the result of the

increase of relative

surplus value»

A further important means through which

relative surplus lalue

can he increased- in foreignirade» In other words

if

wage

goods

can

he obtained at lower cost from abroad then this will provide

the

necessary impetus to expand trado in order

to enlarge surplus value»

The level or stage where relative surpluswlue

dominates the

activity of production will encounter

growing difficulties in terms

of the disproportionate distribution••• of surplus*.

value and the inten-

f. m %

sive spread and involvement of workers associations and

unions» This

will lead to the advent of the third "stage" which is

marked

by a resumption of efforts to increase both absolute

and relative surplus

value. It is hero that thegrowing domination-integration of different

areas of the world assumes critical importance especially with respect

to the requirement of cheaper and larger

quantities of material

resource

and wage workers. In contrast during the second stage

the

consequences

of an increase in relative surplus value is both a growth .and intensi¬

fication of competition between capitalists» Out of

this competition

arises the process of the concentration and

centralization

of produc¬

tion in the hands of ever larger units of production. Father than the

craftsmen and peasant being dispossessed it is the turn of the

small

scale capitalist• Finally in 'the third stage wo can witness

the twin

phenomena, of the increasing "internal"

employment of

women_n

and youth

;as well as the "external"

(through

the export of

capital)

penetration

of areas of the world in order to utilize a cheaper and expanded

labour force and relatively less costly raw materials plus wage goods»

CS/2562-3

Rigo 5.

* ' •' +•

Tho variety of ways that enables

the capitalist to increase

surplus value, load over time,

to tho progressively larger

use

of

machinery. Machines are of course

also the products of labour and

as such represent a use of the paid

labour of the past period of

,

?

8

production as un-paid labour

in the current period. The combined

use of unpaid and paid labour is tho

basis of the accummulation of

capital. Suppose x= c+v+s

whore

c

represents 100

currency

units and

v represents another 100 currency

units advanced by the capitalist

to begin the production process.

This

process

returns to the capital-

list 225 currency units which means a

surplus of 25 units. If con¬

ditions of production distribution

retrain unchanged the capitalist

will enter the next phase of production with

225 units and attain

a

rate of return of

25$

and as such adding

46

currency

to his capital-'

The actual machines used by the capitalist in one

example

can

be differentiated into two main types. They maybe identical to

the

ones already in service, in which case

demand for labour advances rt

about tho same rate as accumulation. This increases

the price,

or

wage. The question arises

what prevent workers from raising wages

above the vãlue of labour'power. The answer is

located in

a

second

type of machinery used. If the

machinery is labour saving then the

capitalist will be able to get

along with fewer workers. This reduc¬

tion in demand for labour will depress the wage. The actual"

mix of

thetwo kinds of machinery used thus will ultimately derive

from the

use of the relative political strength of the

capitalists and workers

over the course of a specific historical

situation.

x o total production

6 = constant capital

v = variable capital

s = surplus value.

The _process of

generating 'surplus value and its appropriation by

r

the capitalist class has

two important consequences ï" the concentration

and centralization of capital.

Concentration refers to the rise in the

use of capital per worker

in the production process; centralization

means that capital will be

owned/controlled by fewer and fower indivi¬

duals and groups. The process

õf concentration unfolds in the face ox

the necessity to increase

commodity production and to reduce the costs

of production while the process

of centralization grows with the ever

rising requirement of the

private appropriation of surplus value.

These contradictory tendencies of

capitalist commodity production perio¬

dically lead to the "twin

conjunctures of

a

"glut of commodities" along¬

side a reduced

(in

real

terms)

wage

bill. This crisis of commodity

production is the means

to restore

a

balance hotween production and

consumption and establish a

"new" base to recommence the next cycle of

the activity of production.

It is on the basis òf the concentration

and centralization ten¬

dencies of capitalist commodity

production that

one can

establish the

rise, growth and

spread monoplly capital. Historically in

₉

its initial

phase monopoly

capital is manifested at the national level while m

its "mature" phase it increasingly

takes

on an

international character.

In the latter sense multinational

corporations

arc

basically

—J.

an organi-

sational form of national capitalist

relations of production at the

level of monopoly. Through the process

of the export of capital these

capitalist relations

of production penetrate/dominate larger areas of

₁₍

the world in order to

sustain/incrdasc

the

generation of surplus value.

The historical process of the

penetration/domination of capital globally

gives rise to resistance,

rebellion and revolution and it is from this

principal contradiction

that

one can

trace the many facets

^{: n}

of the expie-•

sive social condition in the different parts

of the contemporary world.

CS/2562-3

Page 7.

From the above described elements of the

contradictions of capi¬

talist commodity production

it is possible to briefly sketch the major

contours of the historical evolution

under capitalism, These

Ccan

be

viewed in terms of three levels,

integrated and characterized by

continuity and discontinuity with

respect to both the social relation

11

and material forces of production.

Capitalist production is

premise

1

on the dispossession of the basic means

of production from the pro¬

ducers, In one sense modern' economic

terminology designates these

means of production as "producer

goods". The general "law" of capi¬

talist accumulation can be stated ^as the necessary

requirement of

the more rapid growth of the output

of-producer goods (^1) than that

of consumer goods

(02)-

However

the

more

specific forms of this re¬

quirement are manifest

in different

ways

which are ultimately (basi¬

cally and

primarily) derived from the concrete differentiation of

clas'ses and their confrontation and struggle

based

on

their respcctiv:

strength and organization.

The key strategic variable of capitalist

C C

accumulation is therefore the change in the

ratio of U1

-

2,

v . ,

In Zingland during the

first level of industrialization ( 1814-184

the following

tendencies

are

outstandingly relevant\

(i)

the oyorall

increase in the capital-labour ratio (c/v) is

the consequence of agreater

investment in constant capital

in the consumer goods sector. In other w°rds

there is

an

increase in the ratio of

C2/°1.

(ii)'

assuming

that in

^a

capitalist market

economy

the owners of

capital invest in areas where turnover

is high and the

qua"

tity of capital required is

minimal, the secular pattern of

accumulation explains the falling price

level via the choa

pening of wage goods, •

(iii)

^a consequence of

(ii) is towards

a

chronic tendency fo.

overproduction in the consumer

goods sector giving rie

to a periodic pattern of

cyclical instability of

a

dur

tion of 3-4 years; this instability is

aggravated by

decline in the share of labour in national income the:"

tending to bring about ^a further

decline in

average prices.

(iv)

equilibrium is

restored through the cyclical pattern o

growth.

During the second level of

industrialization (194^—1873) ï

(i)

there is a shift in

the pattern of capitalisation such

that now there, is. an increase in ratio of

C C2 ; into .;

* sive mechanization of the producer goods

sector enabl

. the emergence of an "independent" source of

investment

in the consumer goods sector.

(ii)

^{a greatly} increased share of

producer goods

reverses

;

secular decline of the average price level

(demand

fo:

oonsumor goods greater than

supply): discovery of go"

in Australia and California further intensifies the rj in the average price

level(production

of gold,akin to ments, in an extreme case of

the production of produce goods)•

(iii)

^{the cyclical pattern of growth is elongated into a}

dur

tion of 9 "t° 10 years.

In the third level of capitalist industrialization

(1873-1896), tl

is, the period

of the first Great Depression, the following charactcri

assume prominence :

(i)

the secular boom in the

producer goods sector

comes

to

end; there is a marked decline in the

rate of growth

especially industrial growth.

CS/2562-3

Page 9.

(ii)

the cause of the cyclical pattern of growth is now located in..the producer goods sector.

(iii)

the slow rate of growth is

primarily "based

on

invest¬

ment in the consumer goods sector - particular cotton textiles, house construction, new

shipbuilding, frozor

meat supported by improvements in steel processing

and increases of government expenditure

(mainly

at the

local

level).

The end of the third level marks the "maturity" of capitalisa Commodity production and the rise to

dominance of monopoly capital

The monopoly capital form of capitalist

production is at

once

the

cause and consequence of an intensifying

instability of the produc¬

tion process

(sharper

contradictions

and deepening crises). Fun¬

damentally the barrier to capitalist production

is capital itself

or the increasing social nature of production

confronted by

a

centralized and concentrated private

(individualized)

appropriation

process. This opposition manifests

itself either

^as an

insufficienc;

of profits to continue the investment process; .or given a

boom in

the consumer goods sector, the fall in

labour's

sha.ro

during

^pros¬

perity precipitates a crisis of

over^-production in the

consumer goods sector.

The social attempts of the capitalist class, especially its lea.ding elements, to overcome thiscrisis

of ca.pitalism lcaxls to

the emergence of imperialism. In other words

basically through

the export of capital

(understood

as the

implantcd-penetration and

domination of capitalist-labour relations of production over

signi¬

ficant areas of the

world)

a further cycle of the "widening

and

deepening"

of

capitalist production is put

into operation. The

first half of the 20th century is witness' to a violent division an--"'

redivision of the world as well as the beginnings of a,n opening

towards independent, though not entirely separated,

socialist paths

of development. This is the level of imperialism. Its

principal

accompanying charactorisatics of capitalist

production

are:

(i)

^excess capacity assumes

chronic proportions and

spawns

cartel agreements on prices and production quotas.

(ii)

resurgence of protectionism

in trade and state controls

and support for prices.

(iii)

export of capital.

(iv)

the militarization of the economy.

The specific experience of the "mature"

capitalist economics

between the end of World War I and the Korean War has brought forth

a "new" set of forces, epitomized by the

multinational corporation,

which seek to reshape the face of production globally. A

recent

Chilean commentator describes it as follows:

"...the 60's were characterized by the vigorous rise of multi

national corporations. Through these corporations the motrop

litan center began to map out a new international division

of

labor, in which the less

sophisticated industrial sectors

are

transferred to those regions where there is cheap labour.

Changing its traditional pattern, foreign investment

began to

step into the industrial sector in the periphery;

paralleling

this, there was a tendency on the part

of foreign capital to

begin :a 'strategic retreat' from the

traditional primary and

extractive sectors; ^{on a} broader horizon there was a definite regional displacement of U.S. foreign investment: awuy

from

the Third World ^- especially Latin America - to more dovolopc capitalist areas like Europe."

(Mistral,

P.

■These changes hâve been in the making over the past quarter c and only have taken on a concentrated expression in the

1960's

when

the war-based growth pattern began to falter and sag. In a recent lengthy review of documents examining the record of "New

Economics"

an economic historian has meticulously exposed the chronically crisis

ridden state of what he calls "neo-capitalism" as well as the dismal

12 failure of the "oconomics of managerial controls".

CS/2562-3

Page 1.1 .

The strategists of imperialism,

faced with

a

growing set of

con¬

tradictions not only between them and the

countries of the Third World

but among themselves, are

launching

programmes

and projects packaged

in appropriate ideology to try to

ride simultanooulsy the twin horses

of nationalism and social revolution. In the opening

chapter entitled

"Coming of Age" a liberal

analyst of the multinational

scene

gaurdcdly

puts the case as follows:

"Economio nationalism is an idea whose time

seems to have come; it may xícll be an

important part of the nation-

building process. Less time

should be ..spent

on

regretting that the days

of passive Third World governments are over; more

should be turned to

analyzing the mature

relationship that will evolve between genuinely

independent Third World governments

and multinational companies."

(Turner,

L.p.

16).

A wealth of documentation exists,

covering the African, Asian and

Latin American continents, which

carefully shows the unfavourable

con¬

sequences of socia.1 and

economic growth "as it

emerges

in the linked

process of change under the

domination of imperialism and integrated

13

through multinational

corporations. The details of these conditions

can be sepa.ra.tely examined. Here it is

useful to reca.ll, in order to

refresh and remind ourselves, the recent ca.se

of oil—petroleum

monopo¬

lies and the so-called energy crisis.

The structure and operation of the industry

until recently has

been well described _as, "Originally the

companies controlled everything

they held concessions in which they

explored and extracted oil; thoy

shipped the oil abroad to wherever

they chose, they established the

selling prices in consuming

countries (a.lthough of

course

taking into

account oil taoces imposed in these

countries); and they had

a

grea,t

measure of vertical integration in their

operations, taking the oil from

source all the way through refining and

processing to the final sale in

retail outlets, many of which

they owned. Independent distributors,

who were susooptible to pressure

from the oil companies over supplies

and prices, could not

easily initiate their

own

marketing policies,

although in the recent

period

up

to the Middle East fighting some

retailing competition and

price-cutting-was beginning to develop, to

the annoyance of the oil

companies." (Politics and Money, January-

• March, 1974. p.

10). These conditions have changed considerably with

the "offensive" of OPEC. The elements of

change

can

be conveniently

summariscd under the pressure of

nationalisation and participation.

'-What- is the actual immediate outcome of these new

ddmands by the st-to

of the oil-producing countrie? Contrary

to the appearance of on enorg,

crisis, regarding which no

efforts have been spared by the modern soph

sticates of the mass media, it turns

out that the monopolist oil compa¬

nies themselves are "managing" the show. Here

is what

a

couple of

analysts say in the U.S.A.,

"So from the point of view of the major

oil companies, the strategy of

sitting tight and advertising their con¬

cern has <a number of beneficial results: it wos-kens

support for envi¬

ronmental protection; it helps to

bankrupt smaller competitors; and it

prepares the public for future

struggles

^*

against Middle Eastern natipn

1A

lism".

(Àokcrman,

P. and A.

MacEwan,

p.

8) r. The message is clear:

cither abide by the capitalist "laws" of

concentration and centraliza¬

tion or fa.co the prospect of being pushed to the

wall only to lose

opportunities of generating

and appropriating surplus value. The

period immediately ahead in the

1970's is likely to be witness to grow

conflicts. In this context the real nature and role of

multinational

corporations needs to be clearly kept

in mind. Poulantza.s

sums

it

up

a.s, "Henceforth the

C.M.P. (capitalist mode of production

—

S.A.S.)

dominates those formations not simply from the

'exterior' and by

means

of the reproduction of the relation of

dependence but establishes _it

direct domination within them. The mode ofproduction

of the metropel

is reproduced in a specific form in the ^very

interior of the dominated

and dependent formations. ...o...

.What

further characterises this phase is that this induced

reproduction of

the C.M.P. within these formations extends in ^a decisive manner

to the

sihoro of their state apparatuses

and their ideological forms".

(

Poulantzas, II• pp•

150-151)*

CS/2562-3

Page 13.

NOTES

1. The combined use of the concept

social formation -modes of

pro¬

duction is premised on an

analysis elaborated in two other

papers by this writer:

(a) "What is Development?" (unpublished MS) IBEP,

R/321/ INTRODUCTION. Dakar, July 1973; (b) "Development, Social^

Formation and Modes of Production".

(Unpublished MS) IDEP, CS/2>,4

Dakar, April

1973»

. .• ,!... . .ï«y'• v

2» As the amassing of a fund of money to

be used in the purchase of

factors of production; as a

cumulative accretion of technological

means of production; as a process

of the social division of labour.

3. "Neo-marxist" and

1iberal/socia 1-cl

orno

orr.ti

c

writers within sue!:,

an approach one-sidedly

either emphasize the strength of U.S. irw

perialism or the

strenth of its European and Japanese competitors■

A refreshing and realistic

alternative has recently been discussea

in Poulantzaz, N.

"Internationalisation of capitalist relations

; and tha

Nation-State"» Economy and Society. Vol. 3» no. 2, Hay, ' V

4»; In terms of

conventional national product and income statistics

an approximation to this value

approach

can

be made by comparing

the data for value added in production

(per given period) and the

wages of production

workers. The difference between these "two iigi '

can bo taken as a first approximation of the

quantum of surplus

value in terms of money»

5» The following are a

set of simplified numerical examples of what

■has just been discussed:

(i)

work-day = v+s =

4+8

⁼

12 (v represents paid labour

and s unpaid

labour)»

•

(ii)

absolute surplus

work-clay

=

4+10 =14 .(iii)

relative surplus ==>

work—day

⁼

3+6 =11

value ...

(iv)

both casv and

work-day

=

3+9 =12

rsv

S'

(rate

of

surplus value)

= o

which in the above examples is:

— v

•

(i)

8 =

200$

4

(iii) 8.

=

266$

(ii)

10 ⁼

250$

4

3

(iv)

2 -

300$

. 3 '

6. Herein lies a

fundamental clue with regard to the so-called popula¬

tion explosion, cf. Coontz,

S. Population Theories and the Economic

Interpretation. London,

Routledge and K. Paul, 1957»

^_,

7._' Hero the

notion of "export of capital" is used to underscore the

reality of implanting

(penetration, and domination) capitalist rela¬

tions of production so

that

the

characteristic basic process of

dispossessing the indegenous

craftsmen and peasants can be hastened

in order to integrate them with the

world—wide capitalist .production

and distribution relations. This

is the basic underlying feature of

both the flows of money and

technology

as

forms of capital.

8. In the well known summary on Wage

Labour and Capital, Marx put it

as follows: "It is only the dominion

of accumulatedy past, materia¬

lised labour over direct, living

labour that turns accumulated labor,

into capital. Capital does not

consist in accumulated labour servi

accumulated labour as a means of maintaining

and increasing the val;

of the latter." •

Marx K. and P. Engels, Selected-

Works Vol. I, Moscow, 1969*

9» The reader is

cautioned to note that monopoly capital's national

-

international dichotomy is in reality a complex process

belied by

the simplified description given here.

It is to be emphasized that

exhibits this character as distinct from the

circulation of commodi¬

ties.

10. A comprehensive analysis of this

condition would require

a

careful

examination of what Marx suggested as the "law

of the falling rate

of profit". The literature on

this question is both vast and instra

tive. Recent reviews, recalling

fundamental aspects of this issue

and illuminating the contemporary contradictions

of imp rialism

^-

monopoly capitalism-are: Hodgson,

G. "The Theory of the Palling

Rate of Profit". New Left Review No,

84 March-April, 1974» Walton,

and A. "Gamble Prom Alienation to Surplus Value. London,

Shccd and Wardf. 1972; Glyn, A. and R. Sutoliffe. British Capitalism. London,

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Profits in thé United States. Ithaca (H.!.) Cornell

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• • •

11. The outline given here is drawn from the experience

of the "classic1

case of the growth of capitalism in England

with

a

focus of its

specific outcome during the courso

of the 19th century and early 20fc

century. It -.follows that while

the

actual course

of the

uneven

and

unequal growth of capitalism

elsewhere in the world cannot mechani¬

cally be takQtt ás the pattern

described herein. The relevance of

the basic contradictions would firmly stand the test of concrete

scientific investigation. For some

comparative reference

see:

Gillman J. Prosperity in Crisis. New York,.Marjani and

Munsell

1965; Glyn A. and R.

Sutcliffo

op.

ci-fr., Kidron, M. Western Capita¬

lism Since the War.

(Rev. ed.),

London, Pelican,

1970; Tsuru, S.

Essays on Economic Dovolopmont. Part II. Tokyo,

Kinokuniya Books,

1968; Galtung J. The European

Community; A Superpower in the Makin

London, George Allen & Unwin,

1973»

*

♦

CS/2562-3

vsîhgo 15*

12. Barraclough, G. "Tho End

of

an

Era"» The Mow York Roviow of Books

Juno 27, 1974.

13. Soo: Africa Research Group

International Dependency in tho 70's

^«

-

. p.,-.. Cambridge

(Mass.), 1-971

?

N.A.C.L.A. Yanqui Dollar. New York, 1971

"vV.v'-

Amin

S. Nob- Colonialism in Africa.

London, Penguin, 1974; Solder.,

!

(cd.), Remarking Asia. "Now York, Pantheon, 1974»

14. For a detailed

documentation of this thesis

see:

;Tanzor, M. The

Political Econoírçy

'at

Oil and the

Underdeveloped Countries. Best

or,,

Beacon Press,

1969;

Stork J.

"MiddYc' Rast* Oil and the Energy Gri»vî

Ihrts I and II MERIP Report, September and

October, 1973.

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