I have another view in that particular problem, (I agree with you in
general)
After world war II, capitalism need to opose Europe to URSS, so they set up
a welfare system in Europe.
For doing that they need to pay more money to they people, like food
producers. Europe unions and social democrats agree in exploit third world
to finance that. They change "world workers unite!" for "europe workers
living okay at expense of third world workers". So they develop ways to
change exchange rates between food and industrial products (later services).
Pay less for food and more for tractors. But they need to give money to
farmers in europe, so subvensions. Free all markets arround world, but
agricultural ones.
Now Europe welfare is useless, and very expensive in energy to sustain, so
the crisis emerge and Europe workers will reduce its consumption level. All
the wolrd economy will be flatenned, poor and richness will be equally
distributed arround the world.