By Utsa Patnaik, Prabhat Patnaik
In A thought of Imperialism, economists Utsa Patnaik and Prabhat Patnaik current a brand new idea of the origins and mechanics of capitalism that sounds an alarm approximately its ongoing viability. Their thought 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 suggestions which may let the economies of the South to accomplish higher prosperity with no harmful the economies of the North. the result's an unique idea of imperialism that brings to gentle the crippling boundaries of neoliberal capitalism.
A idea of Imperialism additionally contains a reaction by way of David Harvey, who translates the agrarian process another way and sees different elements affecting alternate 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 financial 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 financial reports and making plans, university of Social Sciences at Jawaharlal Nehru collage. 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 so much lately of the worth of cash (Columbia, 2009) and Re-envisioning Socialism (2011).
David Harvey is a individual professor within the anthropology, historical past, and Earth and environmental sciences courses at CUNY's Graduate heart. His books comprise Seventeen Contradictions and the top of Capitalism (2014) and Cosmopolitanism and the Geographies of Freedom (Columbia, 2009).
A hugely unique, powerfully awarded, and intensely thought-provoking new conception of imperialism that might strength a person involved in the query of imperialism to reconsider their very own presuppositions.
Robert Pollin, codirector and professor of economics, Political economic climate study Institute, college of Massachusetts, Amherst
Utsa and Prabhat Patnaik supply us with a big and incisive contribution to the idea of imperialism. via a rigorous research of the guidelines 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 turning out to be reserve of surplus labour. the information defined in A conception of Imperialism are primary to realizing the development of the unequal international approach 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 financial features of imperialism to were released some time past numerous many years. it really is theoretically robust and empirically scrupulous, and its old diversity covers the complete 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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Extra resources for A Theory of Imperialism
When there is a rise in the nominal price of the commodities in the metropolis or in the periphery or in both. The threat in short arises when the ﬁ rst route is followed. What the threat-to-the-value-of-money argument states is that if the forced reduction in consumption that occurs within the tropical region through a squeeze on money incomes and the forced reduction in consumption in the metropolis that occurs through a decline in the money wage rate per efficiency unit of labour in the metropolis, are together insufficient in successive periods to eliminate excess demand for the tropical commodity whose output cannot be augmented because of the ﬁxity of the tropical landmass, then the stability of the value of money in the metropolis gets undermined.
And the immediate answer that would strike one would be: the current rate of inﬂation. This, however, is not necessarily true. Even when the current rate of inﬂation is positive, if the money wage rate remains ﬁ xed and the output can expand without any increase in current input coefficients, then wealth-holders will expect prices, no matter how high they may currently be, to come down in the future to some “normal” level, or at the very least to stabilize at their current level. The expected inﬂation rate in such a case would be negative or zero, no matter how high and positive the current inﬂation rate.
If inﬂation is not episodic but persistent, then over a period of 2T, the expected increase in commodity, and gold, prices would be 20 percent, in which case, since gold, like money, has negligible carry ing cost (so that holding it for 2T periods costs no more than holding it for a period of T), its spot price should increase by 20 percent, and not 10 percent. It follows therefore that with persistent expected inﬂation, there is no equilibrium spot price of gold at which wealth-holders would be indifferent between holding money and holding gold, which means that gold would displace money from its role as a medium of wealth-holding, and hence as a medium of circulation.
A Theory of Imperialism by Utsa Patnaik, Prabhat Patnaik