A Theory of Imperialism by Utsa Patnaik, Prabhat Patnaik

By Utsa Patnaik, Prabhat Patnaik

In A idea 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 alternate among the center 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 dating. The Patnaiks discover the dynamics of this strategy and talk about recommendations that may permit 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 incorporates a reaction via David Harvey, who translates the agrarian procedure in a different 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 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 monetary stories 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 price 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).

Reviews

A hugely unique, powerfully provided, and intensely thought-provoking new conception of imperialism that may strength somebody involved in the query of imperialism to reconsider their very own presuppositions.
Robert Pollin, codirector and professor of economics, Political economic system examine Institute, collage of Massachusetts, Amherst

Utsa and Prabhat Patnaik supply us with an enormous 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 prior colonial trend, during which peasant agriculture is systematically undermined, therefore producing a huge and turning out to be reserve of surplus labour. the information defined in A idea of Imperialism are principal to realizing the development of the unequal worldwide 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 facets of imperialism to were released long ago a number of a long time. it really is theoretically strong and empirically scrupulous, and its old 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 approach of Mughal India 1556–1707.

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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.

9 This destabilization would happen more rapidly if the money wage rate in the metropolis is either linked to a cost of living index or rises almost immediately at any given level of economic activity (or unemployment rate), because of trade union bargaining in response to a rise in the cost of living index. For in such a case wealth-holders would be even more anxious to shift to gold without any further delay. But even if it does not rise immediately, so that real wages in the metropolis do get eroded, even then after some time when there has been considerable erosion, the workers would demand to be compensated for this erosion, and this would add to inflation and compound the destabilization of the value money.

If, whatever the current inflation rate, some wealth-holders expect the inflation rate in future to exceed the carrying cost, then they would shift from money to commodities. 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.

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A Theory of Imperialism by Utsa Patnaik, Prabhat Patnaik
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