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The cotton industry is fundamental to the development of global capitalism and broadly shaped the world we live in today. It is therefore important to realise the extent to which this depended on the militarisation of trade, massive land expropriation, genocide and slavery.

Ask Americans when their country became the world’s dominant power and chances are most will point to the hard-fought victory in the Second World War. But as Adam Tooze shows in his latest work, that shift occurred a generation earlier and before American forces had even fired a shot in what was once called the Great War.