This groundbreaking book offers an in-depth historical perspective on the rise of capitalism, written by one of the leading scholars of the Global South. Arguing that globalisation is generally very poorly understood, Prem Shankar Jha offers a new synthesis of political and economic theory that sheds light on the consequences of rapid industrialisation worldwide. Writing from outside the usual Western perspective, the book challenges many of the usual preconceptions about the impact of globalisation. Jha argues that capitalism has developed in four major stages. Each stage has ended in chaos, with the destruction of major political institutions and prolonged conflict. According to Jha, we are currently experiencing the fourth and most recent crisis. With a foreword by Eric Hobsbawn, the book provides a detailed history of the rise of capitalism from its early days through the industrial revolution until today. Exploring the growing incidence of 'failed states', devastation of the environment, and the rise of pandemics, such as HIV, he argues that each phase is accompanied by a disintegration in social order. Examining the role of the nation state, and its role in a global political order, this book presents a truly unique perspective on globalisation that will be of interest to all students of economic theory and international relations.