I read this book for my degree back in the 80s. It was an example of an analysis which made perfect sense and explained how we have the economy which favours Western countries and the current terms of trade.
It explains the easy wealth described in 18th and 19th century literature, such as Austin and the Brontes.
It explains how western empires didn’t just exploit its colonies in terms of production, but also simply stole vast wealth from these countries.
It gives a very different perspective on the exhibits in the British Museum and the V and A (also many other museums around the country)
Hayter was a high level economist, so this is meticulously researched work. Being an excellent study of historic economist, makes it timeless.
However, it makes very uncomfortable reading, especially for those who would like to explain the success of western economies. Hayter clearly explains how this is a myth.
SPOILER ALERT European Imperialism does not come out of this analysis in a good light.
Like any good analysis it is short, direct and unequivocal. If you suspect that current inequalities came about from more than exploitation of cheap products and labour, then this book explains how the actual capital of colonised countries was stolen.
If you thought that western countries somehow rescued the colonies from poverty and ignorance, then this book certainly challenges that myth.