According to the conventional public narrative, colonial patterns of extraction ended with the withdrawal of colonial troops, flags and bureaucrats from the territories of the global South. Today, we are told, the world economy functions as a meritocracy: countries that have strong institutions, good markets, and a steadfast work ethic become rich and successful, while countries that lack these things, or which are hobbled by corruption and bad governance, remain poor. This assumption underpins dominant perspectives in the field of international development