At the end of WWII, US and Britain were the victor superpowers. The military might of these two (with Russia) had defeated the German, Japanese and the Italian war machines.
Based on their position, they rammed through international frameworks which perpetuated their positions.
Like the UN (with P5 Security council members); Bretton Woods and the World Bank and the IMF that cemented the US position – and of the US dollar
Soon after Indian Independence, India’s minister, KM Munshi was sent to the US for food aid.
In a newspaper interview Munshi described India’s precarious food position – as ‘inherited’ from the British Raj. Ship-to-mouth he said, it was.
The decline of US and UK from there and India’s rise, washes away a number of economic and political theories.
All theories in fact – except Bharattantra.