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About Prabhat Patnaik

Prabhat Patnaik is an Indian political economist and political commentator. His books include Accumulation and Stability Under Capitalism (1997), The Value of Money (2009), and Re-envisioning Socialism (2011).
  • G20 Summit (Photo: policyoptions.irpp)

    The silences of the Delhi declaration

    Originally published: Peoples Democracy on September 17, 2023 (more by Peoples Democracy)  |

    THE G-20 meeting in Delhi was occurring in the midst of an acute economic crisis of the world economy.

  • Capitalism (Photo: Plex page)

    Believing one’s own false theories

    Originally published: Peoples Democracy on September 10, 2023 (more by Peoples Democracy)  |

    LIBERAL bourgeois writers tend to explain the problems that arise under capitalism not by the immanent tendencies of the system but by the capriciousness of particular governments.

  • Immanuel Wallerstein, La Jornada

    Behind BRICS expansion

    Originally published: Peoples Democracy on September 3, 2023 (more by Peoples Democracy)  |

    AT the Johannesburg summit of the BRICS countries, it was decided to expand the group beyond its original five, namely, Brazil, Russia, India, China and South Africa, to include six more countries.

  • Despite Modi, corruption is the order of the day both in private and public sectors

    The destruction of universities

    Originally published: Peoples Democracy on August 27, 2023 (more by Peoples Democracy)  |

    Fascistic outfits which are themselves devoid of any serious thought, also lack respect for serious thought. It is little wonder then that the BJP government is hell-bent on systematically destroying the few spaces that exist in the country for serious thought. Its assault on universities will do incalculable damage to the country.

  • Macron a toléré une milice haineuse de la France et menaçante

    The stalled decolonization

    Originally published: Peoples Democracy on August 20, 2023 (more by Peoples Democracy)  |

    Of late however there has been a popular anti-imperialist upsurge in several countries of Francophone Africa. In Guinea, Mali, Chad and Burkina Faso, new anti-imperialist governments have come to power in the last couple of years that want French troops out of their countries; and in Mali they have even succeeded in getting French troops out.

  • Avinash Chandra (India), Early Figures, 1961.

    The problem with “Universal Basic Income”

    Originally published: Peoples Democracy on August 6, 2023 (more by Peoples Democracy)  |

    MANY economists have been advocating a universal basic income for India, an idea that was mooted even in the official Economic Survey for 2016-17.

  • Hunger, lack of food security behind India's 'slip' in UN's sustainable development rank. (Photo: counterview.net)

    The poverty of UN poverty estimates

    Originally published: Peoples Democracy on July 30, 2023 (more by Peoples Democracy)  |

    ON April 3 this year, the minister of state for planning, Rao Inderjeet Singh, said in the Rajya Sabha that the government had no data after 2011-12 for estimating poverty, and therefore had no idea how many people had been lifted out of poverty since then.

  • Marx recognised that value is created in production and realised in the market. Credit- Wikimedia Commons

    When can there be a fall in the rate of profit?

    Originally published: Peoples Democracy on July 23, 2023 (more by Peoples Democracy)  |

    SEVERAL major economists have put forward theories predicting a falling tendency of the rate of profit under capitalism; Marx had seen in this fact an awareness on their part of the essential transitoriness of the capitalist system. But while some of these theories have logical validity, others do not. Among the latter is Adam Smith’s theory.

  • Wikimedia Commons File:Sitting person in a third world country.jpg - Wikimedia Commons

    Third World external debt in the light of simple economics

    Originally published: Peoples Democracy on July 16, 2023 (more by Peoples Democracy)  |

    INDIA and other third world countries can morally justify their being a part of G-20 alongside the imperialist powers, only if they raise common and pressing problems of the third world as a whole at G-20 meetings.

  • Indian Flag

    Is what we have “crony capitalism”?

    Originally published: Peoples Democracy on July 9, 2023 (more by Peoples Democracy)  |

    Under monopoly capitalism of course this relationship between monopoly capitalists and the state becomes far closer. Rudolf Hilferding in his opus Das Finanzkapital had talked of a “personal union” between banks and industrial capital and the formation on this basis of a “financial oligarchy”, and had suggested a similar “personal union” between the “financial oligarchy” and the State.

  • Shahidul Alam/Drik/Majority World (Bangladesh), The resilience of the average Bangladeshi is remarkable. As this woman waded through the flood waters in Kamalapur to get to work, there was a photographic studio ‘Dreamland Photographers’, which was open for business, 1988.

    Pitfalls of export-led growth

    Originally published: Peoples Democracy on June 18, 2023 (more by Peoples Democracy)  |

    AFTER Sri Lanka and Pakistan, Bangladesh has become the third country in our neighbourhood to become afflicted by a serious economic crisis.

  • Flags Globalization Earth America Global - Max Pixel

    Is “de-globalisation” occurring?

    Originally published: Peoples Democracy on June 4, 2023 (more by Peoples Democracy)  |

    The Greek philosopher Heraclitus had said “You cannot step into the same river twice.”

  • US dollars [Yousuf Khan - Anadolu Agency]

    Exchange rate depreciation and real wages

    Originally published: Peoples Democracy on May 28, 2023 (more by Peoples Democracy)  |

    Most people, including even trained economists, fail to appreciate the fact that an exchange rate depreciation, if it is to work in reducing the trade deficit in a capitalist economy, must necessarily hurt the working class by lowering the real wage rate

  • President Biden at a virtual summit with China’s President Xi Jinping. [Source: axios.com]

    Public opinion and imperialism

    Originally published: Peoples Democracy on May 14, 2023 (more by Peoples Democracy)  |

    A New York Times News Service report reproduced in The Telegraph of Kolkata (May 7), discusses the findings of a global public opinion survey carried out by the Bennett Institute of Public Policy of Cambridge University. These show that the Ukraine conflict had shifted public sentiment “in developed democracies in East Asia and Europe as well as the United States of America, uniting their citizens against both Russia and China and shifting mass opinion in a more pro-American direction”.

  • Largest Strike in World History : Over 200 Million Workers and Farmers Protest against Poverty and Unemployment Triggered by Covid Lockdown

    India: The grim unemployment scenario

    Originally published: Peoples Democracy on May 7, 2023 (more by Peoples Democracy)  |

    THE data on unemployment brough out by the Centre for Monitoring the Indian Economy (CMIE) present a grim picture. Not only has the unemployment rate increased sharply for some years now, starting from even before the pandemic, but the figure which had shot up during the pandemic has not come down much despite the recovery that has occurred in the level of GDP from its trough.

  • dolla dolla bill y'all. | photography gear money | Flickr

    Threats to the hegemony of the dollar

    Originally published: Peoples Democracy on April 30, 2023 (more by Peoples Democracy)  |

    JANET Yellen, the U.S. treasury secretary, has finally acknowledged what has been obvious to most people for quite some time, namely that the imposition of sanctions against countries that the U.S. is hostile to, runs the risk of jeopardizing the hegemony of the dollar as the world’s reserve currency.

  • India currency. (Photo: clamorworld.com)

    The current state of India’s economy

    Originally published: Peoples Democracy on April 23, 2023 (more by Peoples Democracy)  |

    GOVERNMENT officials never tire of repeating that India is currently the fastest growing major economy in the world.

  • It takes money to make money? — Strong Towns

    OPEC+ and capitalism’s fight against inflation

    Originally published: Peoples Democracy on April 16, 2023 (more by Peoples Democracy)  |

    Except in war-time, capitalism invariably seeks to control inflation by creating a recession; and this is so even when the inflation has been caused by an autonomous increase in capitalists’ profit-margins which are downward inflexible and hence would not be reduced by a recession.

  • Tale of two capitalisms

    A common misconception about capitalism

    Originally published: Peoples Democracy on April 2, 2023 (more by Peoples Democracy)  |

    THERE is a commonly-held view that while capitalism in its early stages brings about unemployment and hence an accentuation of poverty, this initial damage is subsequently reversed as it keeps growing

  • How The Fracking Revolution Is Killing the U.S. Oil and Gas Industry

    Imperialism and natural resources

    Originally published: Peoples Democracy on March 12, 2023 (more by Peoples Democracy)  |

    There is an overwhelming asymmetry between the level of “development” and the possession of natural resources among countries of the world.

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Also By Prabhat Patnaik in Monthly Review Magazine

  • The Drain of Wealth February 01, 2021
  • Neoliberal Capitalism at a Dead End July 01, 2019
  • The October Revolution and the Survival of Capitalism July 01, 2017
  • <em>Monopoly Capital</em> Then and Now July 01, 2016
  • Capitalism and Its Current Crisis January 01, 2016
  • Imperialism in the Era of Globalization July 01, 2015
  • Capitalism in Asia at the End of the Millennium July 01, 1999

Books By Prabhat Patnaik

  • Capital and Imperialism: Theory, History, and the Present March 10, 2021

Monthly Review Essays

  • Ruy Mauro Marini’s Contribution to the Political Economy of Imperialism
    Torkil Lauesen

    In “The Dialectics of Dependency,” Ruy Mauro Marini developed a theory of dependency and unequal exchange that is still invaluable today.

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    Harry Magdoff Isabel Crook and Harry Magdoff.

    An Exchange from 2002–⁠03

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