By Utsa Patnaik, Prabhat Patnaik
In A conception of Imperialism, economists Utsa Patnaik and Prabhat Patnaik current a brand new concept of the origins and mechanics of capitalism that sounds an alarm approximately its ongoing viability. Their concept 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 talk about recommendations which could enable the economies of the South to accomplish larger prosperity with no destructive the economies of the North. the result's an unique idea of imperialism that brings to gentle the crippling barriers of neoliberal capitalism.
A thought of Imperialism additionally contains a reaction through David Harvey, who translates the agrarian approach in a different way and sees different elements affecting exchange 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 fiscal reviews and making plans, institution of Social Sciences at Jawaharlal Nehru college. Utsa's books comprise The Agrarian query within the Neoliberal period (2011) and The Republic of starvation and different Essays (2007). Prabhat is the writer such a lot lately of the price of cash (Columbia, 2009) and Re-envisioning Socialism (2011).
David Harvey is a distinctive professor within the anthropology, historical past, and Earth and environmental sciences courses at CUNY's Graduate middle. His books contain Seventeen Contradictions and the tip 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 would strength somebody focused on the query of imperialism to reconsider their very own presuppositions.
Robert Pollin, codirector and professor of economics, Political economic system learn 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 guidelines pursued in India, they show how the modern trend of imperialism is a continuation of its past colonial trend, within which peasant agriculture is systematically undermined, hence producing a big and starting to be reserve of surplus labour. the information defined in A concept of Imperialism are critical to knowing the development of the unequal worldwide procedure some time past and within the present.
Samir Amin, writer of The Implosion of Capitalism
this can be the simplest book-length remedy at the monetary facets of imperialism to were released long ago numerous a long time. it's theoretically strong and empirically scrupulous, and its old diversity covers the whole span of imperialism from the colonial interval all the way down to the current day
Irfan Habib, writer of The Agrarian process of Mughal India 1556–1707.
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Extra resources for A Theory of Imperialism
Since there is no offsetting symmetrical movement from commodities to money by anybody else, as nobody was holding commodities as a wealth-form to start with, this would cause an excess demand for commodities, raising their prices further and hence the current rate of inﬂation further. This in turn will increase the expected inﬂation rate for all, since f ’ > 0 for all, despite the f-function being different for each, which will persuade some more wealth-holders to move from money to commodities, and so on.
First, while capital is globalized, the states still remain nation-states, which suggests that state policy must, willy-nilly, cater to the caprices of globalized ﬁ nance. The political and military might of the most power ful capitalist state is proximately used for defending the interests and operations of globalized ﬁ nance capital, but all states fall in line in concurring with the defence of these interests (with the exception of some “recalcitrant” state, which may be trying to opt out of the globalization arrangement and hence ipso facto curbing the free movement of globalized ﬁ nance, and against which the might of the most power ful state would typically be directed).
A steeply increasing supply price. While the argument of this book will also hold with suitable modiﬁcation for the case of mineral resources, we shall be concerned in what follows primarily with products of the tropical landmass. Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:45 PM The Threat of Increasing Supply Price 11 II The Fallacy of “Mainstream” Trade Theory The fact that a large range of products of the tropical landmass, which are not producible at all in cold temperate regions where the metropolitan core of the capitalist world is located, are essential nonetheless for this metropolitan core has been systematically ignored in economics and continues to be ignored to this day.