I met André Gunder Frank and his wife Marta Fuentes in 1967. Our long conversation convinced us that we were intellectually on the same wavelength. “Modernization Theory,” then dominant, ascribed the “underdevelopment” of the Third World to the retarded and incomplete formation of its capitalist institutions. Marxist orthodoxy, as represented by the Communist Parties, presented its own version of this view and characterized Latin America as “semi-feudal.” Frank put forward a new and entirely different thesis: that from its very origins Latin America had been constructed within the framework of capitalist development as the periphery of the newly arising centers of Europe’s Atlantic seabord. For my part, I had undertaken to analyze the integration of Asia and Africa into the capitalist system in light of the requirements of “accumulation on a global scale,” a process that by its inner logic had to produce a polarization of wealth and power