On February 19, 1881, Karl Marx had written a remarkable letter to N.F. Danielson, the renowned Narodnik economist who had also gone under the name of Nikolayon and whose work had been much discussed by Lenin.
Author Archive | Prabhat Patnaik
“Neo-liberal capitalism” is the term used to describe the phase of capitalism where restrictions on the global flows of commodities and capital, including capital in the form of finance, have been substantially removed.
To describe the present upsurge of fascism as nationalist or populist would be misleading. Neither is it a replication of the fascism of the 1930s. However, it is marked by four features, which have been common to all fascist upsurges in the past, namely: rise of supremacism, apotheosis of unreason, proliferation of fascism as a […]
The hegemony of international finance capital, which led to economies “opening” themselves up to the vortex of global financial flows, demolished both Nehruvian dirigisme and East Asian neo-mercantilism. And the same hegemony has now brought the world capitalist economy to a crisis from which it is in no position to recover.
I think Marxism analyses the contemporary world in a way which nobody else did. Lenin had said the strength of Marxism lies in the fact that it is true. The point is that it is a genuine scientific discovery.
With the reassertion of the dominance of finance, in the guise now of an international finance capital, the third world States have withdrawn from supporting petty producers, a process of income deflation is in full swing, and the imperialist arrangement is back in place, because of which we can see once more a tendency towards […]
If accumulating wealth is the basic objective of capitalism, organising production using wage labour is only one of the ways it can be achieved. What finance does is to open an alternative route to reach the same objective, that is via transaction.
The term “infrastructure” covers all sorts of things, from ports to roads to canals to bridges to building railway lines. Because it covers such a range of things, many of which appear to be useful, most people look upon “infrastructure” development as an indubitably desirable thing under all circumstances. Questions are scarcely asked about its […]
The fact that a large number of refugees, especially from countries which have been subjected of late to the ravages of imperialist aggression and wars, are desperately trying to enter Europe is seen almost exclusively in humanitarian terms. While this perception no doubt has validity, there is another aspect of the issue which has escaped […]
Unemployment has become so persistent a phenomenon in contemporary times that there is a common feeling that it is a “natural” state of affairs, that nothing can ever be done about it, and that the only way to have greater employment opportunities coming your way is either to oppose the system of job “reservations” for […]
The Left upsurge in Latin America appears to be abating. In October 2015 Jimmy Morales, the conservative candidate in Guatemala, defeated the Left-leaning Sandra Torres in the presidential elections. On November 22, Mauricio Macri, the conservative presidential candidate in Argentina, defeated Daniel Scioli, his Peronist rival, by a narrow margin, to bring to an […]
The Chinese central bank’s decision last week to let the yuan depreciate, in three stages by almost 4 percent against the US dollar, was officially explained as a move towards greater market determination of its exchange rate. Though this explanation pacified stock markets around the world, China’s devaluation of the currency portends a serious accentuation […]
Greek Premier Alexis Tsipras’ acceptance of an “austerity package” on July 13, which contained measures rejected by the Greek people in a referendum barely a week before, represents not just an abject surrender by the Syriza government, or a sign of contempt on the part of German finance capital for the Greek electorate; it marks […]
The Reserve Bank of India, as is to be expected, has been denying that its governor Raghuram Rajan had ever suggested that the world was facing the possibility of a 1930s-type Great Depression. Members of the “global financial community” are not supposed to say such things; so even if Dr Rajan did, a denial was […]
If one adds up the foreign exchange reserves of all the countries in the world, including under the term “reserves” what these countries hold in the form of gold, US dollars, other reserve currencies, Special Drawing Rights of the IMF, and also liquid assets such as short-term Treasury Bills of the US government, then the […]