The Recent financial and economic crises have landed the world in unknown territory. Old maps no longer work. The crises have discredited not only neoclassical economics and neoliberal policy prescriptions (Independent Evaluation Office, 2011), but also (as I argue, Desai, 2013a) recently dominant conceptions of the capitalist world order, like ‘globalization’ and ’empire’, which assumed a single world economy. For the crises were neither ‘global’ nor ‘imperial’, neither imposing the same misery on all economies nor imposing more on the peripheral economies than the core ones. Instead, they widened the divergence between the stagnating advanced industrial world and the still fast-growing emerging economies even more.
