By Utsa Patnaik, Prabhat Patnaik
In A concept 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 conception facilities on exchange among the middle 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 technique and speak about concepts which can let the economies of the South to accomplish larger prosperity with no destructive the economies of the North. the result's an unique thought of imperialism that brings to mild the crippling obstacles of neoliberal capitalism.
A thought of Imperialism additionally encompasses a reaction through David Harvey, who translates the agrarian method 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 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 financial reports and making plans, tuition 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 unusual professor within the anthropology, heritage, and Earth and environmental sciences courses at CUNY's Graduate heart. His books comprise Seventeen Contradictions and the tip of Capitalism (2014) and Cosmopolitanism and the Geographies of Freedom (Columbia, 2009).
A hugely unique, powerfully provided, and very thought-provoking new thought of imperialism that might strength an individual considering the query of imperialism to reconsider their very own presuppositions.
Robert Pollin, codirector and professor of economics, Political economic climate learn Institute, college of Massachusetts, Amherst
Utsa and Prabhat Patnaik offer us with a massive and incisive contribution to the idea of imperialism. via a rigorous research of the guidelines pursued in India, they reveal how the modern trend of imperialism is a continuation of its prior colonial trend, within which peasant agriculture is systematically undermined, hence producing a big and becoming reserve of surplus labour. the tips defined in A concept of Imperialism are vital to figuring out the development of the unequal international procedure some time past and within the present.
Samir Amin, writer of The Implosion of Capitalism
this is often the easiest book-length therapy at the fiscal facets of imperialism to were released some time past numerous a long time. it's theoretically strong and empirically scrupulous, and its ancient variety covers the full span of imperialism from the colonial interval right down to the current day
Irfan Habib, writer of The Agrarian procedure of Mughal India 1556–1707.
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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 thought facilities on alternate 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 dating.
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Additional info for A Theory of Imperialism
In such a case there is no reason to expect the price to keep increasing over time, and hence no reason to shift from money to commodities or to gold. It may be thought that since such episodes keep appearing from time to time, expectations of a continuous increase in prices would still be generated, and there would be no difference between this case and the previous case of increasing supply price–based inﬂation. The two cases however are different. To see this let us ﬁ rst assume that every episode of inﬂation is one in which gold price moves up in tandem with commodity prices.
V The Speciﬁcity of “Increasing Supply Price”–Based Inﬂation The foregoing argument may appear odd because, after all, increase in the absolute nominal price of tropical commodities has been occurring in the metropolis for a long time now. Nobody can possibly claim that the absolute prices of tropical goods in the metropolis today are what they were at the time of the Napoleonic Wars. So, why has there been no threat to the value of money in the metropolis in the sense discussed above, namely, a collapse in this value relative to gold, which undermines the entire monetary system?
One “natural unit” of labour becomes two “efficiency units” of labour. ” Obviously, if money wages per person increase in tandem with the rise in the person’s labour productivity, then the unit labour cost in money terms remains unchanged at any given level of output, so long as the unit labour input (in efficiency units) remains unchanged. And if in addition the nonlabour current inputs per unit output also remain unchanged, then there is no reason why the unit prime cost of production, and hence the unit supply price, should change over time.
A Theory of Imperialism by Utsa Patnaik, Prabhat Patnaik