This far-reaching analysis by one of the world's leading contemporary economists traces the economic history of the century, from the theories of Marx and Engels to the Wall Street Crash, from Roosevelt's New Deal to the recent cycle of boom and bust, from the ideas of Keynes to the signing of the GATT agreement. In particular it shows how the world economy is taking shape today, with former communist countries adapting to Western policies, and with third-world countries isolated from the unity of the developed world and its market economy.