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Author Archive | Prabhat Patnaik

The Corporatist State 2011 Shankbone - The first day of Occupy Wall Street, September 17, 2011. Wall Street barricaded and Zuccotti Park taken. (Photo: David Shankbone)

A stock market boom amidst a real economy crisis

Altogether, as philosopher Cornel West put it, the U.S. is showing every sign of being a “failed social experiment”. And yet there is a veritable boom in the U.S. stock market. The stock market index Nasdaq has increased by more than 40 per cent since March 23 and is now “within striking distance of all […]

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The problem of external debt

There is a massive problem of external debt building up for the third world, of which the recent Argentine debt crisis was only one manifestation. At the root of the problem is the collapse of primary commodity prices in the world market which began in April 2011.

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The World at crossroads

Radical reforms in reversing the prevailing policy direction of the last four decades will need to be put on the table. Governments will have to accept a more active role in the economy. They must see public services as investment rather than as liabilities and look for ways to make the labour market less insecure. […]

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Practical Money Skills Money Metropolis

Finance’s preference for the Metropolis

The current globalization was always legitimized by the argument that capital today, unlike in colonial times, had become blind to racial and other such distinctions across countries in deciding upon its location; it would now flow wherever opportunities for profitable investment existed.

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Finance versus the people in the era of the pandemic

THE current pandemic has brought to the fore, and with exceptional clarity, the fundamental contradiction underlying contemporary globalisation, namely, the contradiction between the interests of finance and those of the people. Indeed this contradiction, which characterizes the era of globalisation as a whole, has now come to a head.

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The uses of “populism”

CLASS struggle occurs in the realm of concepts too. The World Bank for instance systematically counters Left concepts by employing a novel tactic: it uses the very same concepts as are used by the Left, but gives them a wholly different meaning; as a result they either come to mean something entirely different from what […]

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ShellyS Follow The Counterfeit Caper

The debate over inequality

The debate over inequality has become hotter world-wide. While Trump had introduced substantial tax cuts for the rich in 2017, and Britain’s Boris Johnson, the front-runner to succeed Teresa May, has promised to do the same if he becomes Prime Minister, there are strong proposals for taxing the rich which have also been mooted. Bernie […]

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4 years of Modi government: Hits and misses - from economy to jobs ... The Financial Express

Shadow of fascism

In its attack on civil liberties, its restructuring of the State to effect an acute centralization of power, and its pervasive purveyance of fear, the Modi years resemble Indira Gandhi’s Emergency. But the resemblance stops there. In fact the two differ fundamentally in several ways.

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