Prabhat Patnaik

Economy

Imperialism Then and Now: Wealth, Unemployment, and Insufficient Demand- Pt 1/3 Prabhat Patnaik

ByLynn Fries August 19, 2021September 16, 2021

Imperialism which existed in the colonial era persists to this day and the system cannot do without it. In a 3 Part series, Prabhat Patnaik discusses his read on the history of capitalism from colonialism into the present. Prabhat Patnaik reviews the connection between imperialism and capitalism through history to stress that by necessity of the accumulation of wealth, somewhere demand has to be suppressed to provide cheap inputs to ‘the markets’. The colonialist relation is retained to the present, with changing subjects.

Economy

Imperialism Then and Now: Capital Relocation, Inequality, Encroachment and Protracted Crisis -Pt 3/3

ByLynn Fries August 19, 2021August 19, 2021

In a 3 Part series, Prabhat Patnaik discusses his read on the history of capitalism from colonialism into the present. Prabhat Patnaik shows that as capital is relocated, real wages do not rise, inequality widens, and global demand is suppressed. The system remains in protracted crisis, Keynesianism in the North alone is no solution. The struggle is everywhere.

Economy

Imperialism Then and Now: Drain of Wealth, Depression, Role of the State and Globalization-Pt 2/3

ByLynn Fries August 19, 2021August 19, 2021

Imperialism which existed in the colonial era persists to this day and the system cannot do without it. In a 3 Part series, Prabhat Patnaik discusses his read on the history of capitalism from colonialism into the present. Prabhat Patnaik explains how the colonial system led to depression. Then, in advanced countries governments stepped in to increase demand and productivity, but how unless the periphery is available for extraction of wealth and cheap provision of inputs the system would collapse. So, the Global South was absorbed by a globalization process where finance becomes predominant, income deflation is widespread and governments everywhere are turned into the servants of financialization.

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