Top Menu

Author Archive | Prabhat Patnaik

Epic World History - blogger Epic World History: Peasants' War

Engels on the Peasant War in Germany

At a time when peasant masses in the country are engaged in a valiant struggle for the repeal of the Central government’s three infamous laws, and have laid peaceful siege to Delhi, braving rains and bitter cold, it is worth recalling Friedrich Engels’ study of the peasant war in Germany in 1525, that also celebrated […]

Continue Reading
Medical face mask and money, world coronavirus epidemic and economic damages. Corona virus concept. (Photo: 'Flickr' Jernej Furman)

Billionaires and the Pandemic

WEALTH distribution data are notoriously difficult to interpret. This is because variations in stock prices affect wealth distribution, so that a stock market boom suddenly makes the rich appear much richer, while a stock market collapse makes wealth distribution less unequal overnight.

Continue Reading
Wikimedia Commons Communist party supporters - (Photo: Flickr - Al Jazeera English)

One hundred years of Indian communism

The economic programme suggested for such a front included the right to strike, banning reductions of wages and dismissals of workers, an adequate minimum wage and 8-hour day, a 50 per cent reduction in rents and banning the seizure of peasant land against debt by imperialists, native princes, zamindars and money lenders.

Continue Reading
2019 Lebanese protests - Beirut (Wikimedia Commons)

Lebanese portents

Its two major sources of foreign exchange, tourism and remittances from the Gulf and elsewhere, have virtually dried up owing to the pandemic, causing its currency to depreciate massively, its external debt to be impossible to service, and its ability to import essential commodities which are the lifeline of the population to be severely curtailed.

Continue Reading
Deccan Herald Doctors protest in Delhi over Kolkata hospital violence | Deccan

India’s abysmal healthcare system

DD Kosambi uses a telling example to illustrate the crisis of Indian feudalism: at the third Battle of Panipat in 1761, the troops on oneside had not had enough to eat, while the troops on the other side just managed to assuage hunger by looting villages in the neighbourhood; neither side in short had arranged […]

Continue Reading
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 […]

Continue Reading
Wallpaperflare Bankruptcy 1080P, 2K, 4K, 5K HD wallpapers free download ..

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.

Continue Reading
Flickr Crossroads: Success or Failure | Please give attribution to … | Flickr

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. […]

Continue Reading