By Utsa Patnaik, Prabhat Patnaik
In A idea of Imperialism, economists Utsa Patnaik and Prabhat Patnaik current a brand new thought of the origins and mechanics of capitalism that sounds an alarm approximately its ongoing viability. Their conception facilities on exchange among the middle economies of the worldwide North and the tropical and subtropical international locations of the worldwide South and considers how the Northern call for for commodities (such as agricultural items and oil) from the South has perpetuated and solidified an imperialist courting. The Patnaiks discover the dynamics of this procedure and speak about strategies which may let the economies of the South to accomplish better prosperity with no harmful the economies of the North. the result's an unique idea of imperialism that brings to gentle the crippling obstacles of neoliberal capitalism.
A conception of Imperialism additionally features a reaction by means of David Harvey, who translates the agrarian method another way and sees different components affecting alternate among the North and the South. Their debate is likely one of the such a lot provocative exchanges but over the way forward for the worldwide economic system as assets develop skinny, populations explode, and common prosperity turns into ever extra elusive.
About the Authors
Utsa Patnaik is professor emerita and Prabhat Patnaik is professor emeritus on the Centre for monetary stories and making plans, university of Social Sciences at Jawaharlal Nehru college. Utsa's books contain The Agrarian query within the Neoliberal period (2011) and The Republic of starvation and different Essays (2007). Prabhat is the writer so much lately of the worth of cash (Columbia, 2009) and Re-envisioning Socialism (2011).
David Harvey is a extraordinary professor within the anthropology, background, and Earth and environmental sciences courses at CUNY's Graduate middle. His books comprise Seventeen Contradictions and the top of Capitalism (2014) and Cosmopolitanism and the Geographies of Freedom (Columbia, 2009).
A hugely unique, powerfully offered, and intensely thought-provoking new concept of imperialism that may strength a person fascinated about the query of imperialism to reconsider their very own presuppositions.
Robert Pollin, codirector and professor of economics, Political financial system examine Institute, collage of Massachusetts, Amherst
Utsa and Prabhat Patnaik offer us with a huge and incisive contribution to the idea of imperialism. via a rigorous research of the rules pursued in India, they exhibit how the modern development of imperialism is a continuation of its earlier colonial trend, within which peasant agriculture is systematically undermined, hence producing a big and turning out to be reserve of surplus labour. the information defined in A thought of Imperialism are principal to figuring out the development of the unequal worldwide procedure long ago and within the present.
Samir Amin, writer of The Implosion of Capitalism
this can be the easiest book-length remedy at the monetary facets of imperialism to were released long ago numerous a long time. it really is theoretically strong and empirically scrupulous, and its ancient variety covers the total span of imperialism from the colonial interval all the way down to the current day
Irfan Habib, writer of The Agrarian method of Mughal India 1556–1707.
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Instead, freely mobile globalized ﬁ nance capital apparently metes out even-handed treatment to all countries. To be sure, not all become equal gainers or Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:45 PM Introduction 5 losers because of such treatment, but these disparities are determined by a host of factors having nothing to do with the domination of one country by another. ” Taking all this into account then— quite apart from the fact that the divergences between the advanced and backward countries’ bourgeoisies and between the advanced and backward countries’ workers no longer operate the way they used to— a spatial perspective on the world economy, such as what imperialism suggests, is far removed from what we have today: namely, a foregrounding of globalized ﬁ nance capital.
The expected inﬂation rate in this case would certainly not be positively related to the current rate of inﬂation. But if the money wage rate moves up (with a lag) when prices move up, then even if output can expand at given input coefficients, the expected inﬂation rate will become a positive function of the current inﬂation rate. And, likewise, if output cannot expand at all (or can do so Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:45 PM The Threat of Increasing Supply Price 17 only with a rise in input coefficients, though this is a case we consider only later), then too the expected inﬂation rate becomes a positive function of the current inﬂation rate.
As a matter of fact, the main periods of inﬂationary increase in prices in the twentieth century have occurred during the two World Wars (and their immediate aftermath), when the inﬂation, though very pronounced, would have been considered episodic, and hence not warranting a shift from money to commodities or gold, except during the Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:45 PM 26 The Threat of Increasing Supply Price period of the inﬂationary episode itself; and the freedom of asset choice would have been curbed anyway during those periods by the conditions of war.