By Utsa Patnaik, Prabhat Patnaik
In A thought of Imperialism, economists Utsa Patnaik and Prabhat Patnaik current a brand new conception of the origins and mechanics of capitalism that sounds an alarm approximately its ongoing viability. Their conception facilities on alternate among the center economies of the worldwide North and the tropical and subtropical nations 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 method and speak about options which can let the economies of the South to accomplish better prosperity with no destructive the economies of the North. the result's an unique idea of imperialism that brings to mild the crippling barriers of neoliberal capitalism.
A conception of Imperialism additionally features a reaction by way of 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 so much provocative exchanges but over the way forward for the worldwide economic climate 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, university of Social Sciences at Jawaharlal Nehru collage. 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 exotic professor within the anthropology, heritage, and Earth and environmental sciences courses at CUNY's Graduate middle. His books contain 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 idea of imperialism that would strength somebody fascinated about the query of imperialism to reconsider their very own presuppositions.
Robert Pollin, codirector and professor of economics, Political economic system examine Institute, college of Massachusetts, Amherst
Utsa and Prabhat Patnaik supply us with a big and incisive contribution to the speculation of imperialism. via a rigorous research of the regulations pursued in India, they show how the modern development of imperialism is a continuation of its past colonial trend, within which peasant agriculture is systematically undermined, hence producing a big and transforming into reserve of surplus labour. the tips defined in A idea of Imperialism are significant to knowing the development of the unequal worldwide method some time past and within the present.
Samir Amin, writer of The Implosion of Capitalism
this is often the simplest book-length therapy at the fiscal facets of imperialism to were released some time past numerous a long time. it truly is theoretically strong and empirically scrupulous, and its old diversity covers the complete span of imperialism from the colonial interval right down to the current day
Irfan Habib, writer of The Agrarian approach of Mughal India 1556–1707.
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Additional info for A Theory of Imperialism
Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:45 PM The Threat of Increasing Supply Price 9 The second characteristic is that these commodities are subject to the phenomenon of increasing supply price, which means that if an increase in the demand for them were to be satisﬁed by greater production, then even at the existing level of money wage rate per efficiency unit of labour at the point of production, or money income of the producers per unit of their labour (measured in efficiency units), their unit prime cost of production would increase.
It made sense in that situation to talk of a systemic tendency that could be seen as underlying imperialism. But in today’s context, two basic changes have been brought about by globalization. On the one hand, the domestic big bourgeoisie in several third world countries like India not only is closely integrated with international ﬁ nance capital but has actually prospered and ﬂourished as well: the list of the top billionaires in the world today not only contains, as it used to in the old days, the names of persons belonging to the advanced capital ist countries, but a fair number of Chinese and Indian names as well.
A) But then a second question arises: Does any current inﬂation rate, which in the case of vertically increasing supply price also inﬂuences the expected rate of inﬂation for reasons just discussed, dislodge money from its role as a form of wealth-holding? The immediate answer is likely to be “no” for the following reason. Since commodities have a “carry ing cost,” which includes the cost of storage and the cost of decay or damage during the period of storage, while money has zero carry ing cost, commodities can never possibly become a substitute for money as a form of wealth, unless the rate of inﬂation expected to obtain exceeds the carry ing cost.