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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).
  • Neoliberalism (Photo credit: Tiago Hoisel)

    The crisis of liberalism

    Originally published: Peoples Democracy on May 12, 2024 (more by Peoples Democracy)  |

    Modern liberalism was developed in response to the Bolshevik Revolution during the capitalist crisis of the inter-war period, as a way of resolving that crisis, and other similar crises that could arise in future, without transcending capitalism.

  • Prime Minister Narendra Modi. Photo: REUTERS/Amit Dave

    On the question of the inheritance tax

    Originally published: Peoples Democracy on May 5, 2024 (more by Peoples Democracy)  |

    The neoliberal years, it is generally agreed, have seen a sharp widening of income and wealth inequalities; in India it has even caused an increase in the extent of absolute deprivation.

  • PM-Kisan Narendra Modi speech and follies on farmers movement junputh.com

    Rural labour in the Modi years

    Originally published: Peoples Democracy on April 28, 2024 (more by Peoples Democracy)  |

    The two phenomena, a reduction in real wages and a reduction in employment opportunities, in fact go together.

  • John Stuart Mill, circa 1870

    Fetishising the growth rate of GDP

    Originally published: Peoples Democracy on April 21, 2024 (more by Peoples Democracy)  |

    JOHN Stuart Mill was among the foremost liberal thinkers of modern times who wrote extensively on economics and philosophy.

  • Reichstag 1933 (Photo: atexnos.gr)

    A striking contrast

    Originally published: Peoples Democracy on April 14, 2024 (more by Peoples Democracy)  |

    Reichstag Fire was a crucial event in the conversion of Germany from a liberal democracy into a fascist dictatorship in 1933.

  • India at 70: Are we becoming a Hindu Rashtra? dailyo.in

    The anatomy of a ‘Hindu Rashtra’

    Originally published: Peoples Democracy on April 7, 2024 (more by Peoples Democracy)  |

    Words can be highly deceptive; and Hindu rashtra is a perfect example of this.

  • Indian Flag

    Once more on poverty figures of India

    Originally published: Peoples Democracy on March 24, 2024 (more by Peoples Democracy)  |

    Poverty in short had increased significantly between 2011-12 and 2017-18. After 2017-18 we have had a pandemic, and a lockdown induced by it, from which the economy is just recovering, though unemployment today is higher than before the pandemic.

  • Summary: Science Museum, London, Transportation zone

    Capitalist trap for scientific advances

    Originally published: Peoples Democracy on March 17, 2024 (more by Peoples Democracy)  |

    There is a paradox at the core of the efflorescence of science that has occurred over the last millennium.

  • Rosa Luxemburg

    The descent into barbarism

    Originally published: Peoples Democracy on February 18, 2024 (more by Peoples Democracy)  |

    IN The Junius Pamphlet written from jail in 1915, Rosa Luxemburg had said that the choice before mankind was between barbarism and socialism.

  • GDP

    What the GDP hides

    Originally published: Peoples Democracy on February 4, 2024 (more by Peoples Democracy)  |

    There are well-known problems associated with the concept of gross domestic product as well as with its measurement.

  • grutas parkas lenin

    The theoretical significance of Lenin’s “Imperialism”

    Originally published: Peoples Democracy on January 21, 2024 (more by Peoples Democracy)  |

    The theoretical position informing “Imperialism” extended Marxism in at least five major ways.

  • Javier Milei. Image Courtesy: Flickr

    Upsurge of neo-fascism and ‘dollarisation’

    Originally published: NewsClick.in on January 6, 2024 (more by NewsClick.in)  |

    Neo-fascist rulers like Javier Milei propose to control inflation not by curbing capital flight, but by launching a massive attack on the working class.

  • Business interests? Hindu bankers 'helped' Company Raj to flourish, colonize India counterview.net

    An education policy for colonizing minds

    Originally published: Peoples Democracy on December 31, 2023 (more by Peoples Democracy)  |

    A pre-requisite for freedom in the third world therefore is to shake off this colonisation of the mind, and to seek truth beyond the distortions of imperialism.

  • New Generation Free Trade Agreements: A Threat to Life and Livelihoods | Focus on the Global South

    The vacuity of the free trade argument

    Originally published: Peoples Democracy on December 24, 2023 (more by Peoples Democracy)  |

    The fact that unrestricted trade creates domestic unemployment is quite obvious, and should be especially obvious to third world people who have had the historical experience of deindustrialisation during colonial rule.

  • A farmer at the protest encampment at Delhi’s Singhu Border carries the flag of the All India Kisan Sabha, 21 November 2021. Subin Dennis / Tricontinental: Institute for Social Research

    Neo-Liberal falsehoods

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

    The basic theme is to suggest that under neo-liberalism there has been such an acceleration of the growth rate of Gross Domestic Product that the people as a whole have become much better off, and vast masses of them have been lifted out of poverty (one particular enthusiast has even claimed that poverty now afflicts only 2 per cent of the population).

  • Shipping Container Yard | Jason Pearce | Flickr

    Pitfalls of export-led growth

    Originally published: Peoples Dispatch on December 10, 2023 (more by Peoples Dispatch)  |

    THE wisdom of pursuing a strategy of export-led growth has been discussed among development economists for at least half a century, ever since the so-called East Asian “miracle” started to be contrasted with the comparatively sluggish growth experience of countries like India that were pursuing, in the World Bank’s language, an “inward looking” development strategy.

  • Palestine Israel colonial settlers victimization

    Time to stop settler colonialism under cloak of ‘victimhood’

    Originally published: NewsClicks.in on November 18, 2023 (more by NewsClicks.in)  |

    Israel has become a classic example of settler colonialism in contemporary times, as also a model picture of apartheid.

  • American / Chinese currency

    Western Left and the U.S.-China contradiction

    Originally published: Peoples Democracy on November 5, 2023 (more by Peoples Democracy)  |

    Significant segments of the non-Communist Western Left see the developing contradiction between the United States and China in terms of an inter-imperialist rivalry.

  • Tricontinental, a think tank named in the Times piece, published an open letter (8/7/23) in response to the article, decrying “McCarthy-like attacks against individuals and organizations criticizing US foreign policy, labeling peace advocates as ‘Chinese or foreign agents.'”

    The globalisation of McCarthyism

    Originally published: Peoples Democracy on October 15, 2023 (more by Peoples Democracy)  |

    The central government’s hounding of Newsclick reminds one of the children’s story about a tiger and a goat drinking water from the same stream.

  • At the edge of Uru-Eu-Wau-Wau territory, where the forest meets barren cattle lands, is a difference of night and day. Without vegetation, the region’s topsoil dries and depletes quickly, requiring expensive systems of short-term life support and the constant creation of new land. Most pasture is degraded and abandoned within 10 or 15 years. Photo: Gabriel Uchida

    Destroying forests for profits: India

    Originally published: Peoples Democracy on October 1, 2023 (more by Peoples Democracy)  |

    THE Modi government, ever solicitous of corporate interests, has launched a plan whereby real estate developers and other corporates will be allowed to destroy large swathes of India’s forest cover for starting projects that rake in profits. It is amending the Forest Conservation Act to remove those forest patches that are not deemed as such by the government from protection under the Act.

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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

  • US Imperialism in Crisis: Opportunities and Challenges to a Global Community with a Shared Future
    Sam-Kee Cheng A late 1940s Soviet poster showing a US military service member lounging on top of a German factory, smoking a cigar. The text beneath reads DER DOLLARIMPERIALISMUS [dollar imperialism].

    1. Introduction The predominance of US economic, political and military power in the world was established at the end of the Second World War.1 With just 6.3 percent of global population, the United States held about 50 percent of the world wealth in 1948. As the only power which had used nuclear weapons on civilian […]

Lost & Found

  • Journalism, democracy, … and class struggle
    Robert W. McChesney Bob McChesney on Saving Journalism

    Our job is to make media reform part of our broader struggle for democracy, social justice, and, dare we say it, socialism.

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    Don’t believe the New Cold War lies, China is leading the world in climate solutions
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    Microsoft’s role in Gaza goes way beyond the ICC email lockout
  • Boat house on Cameron Island on Lake Joseph in Muskoka
    The supply and demand myth of housing
  • This series of photos was shared on the official Instagram account of the U.S. government-operated Voice of America - Africa radio network on Feb. 15, 2025, with the caption: "White South Africans gathered outside the U.S. embassy in Pretoria...to show their support for U.S. President Donald Trump after he criticized what he terms 'unjust' treatment of White South Africans." | Photos via @voaafrica on Instagram
    Afrikaner ‘refugee’ arrival is latest tactic in Trump’s South Africa destabilization campaign
  • say
    The Havoc caused by Say’s Law
  • Secretary Marco Rubio departs Instanbul, Türkiye May 16, 2025. (Official State Department photo by Freddie Everett)
    Under Trump, NED to continue weaponizing “democracy” in Venezuela, Nicaragua and Cuba
  • A British soldier kicks anti-colonial demonstrators in Yemen, 1967. Keir Starmer bombed the country last month. (Photo: AP / Alamy)
    The Empire never died
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    Department of Homeland Security revokes Harvard University’s ability to enroll international students
  • Foto: IRENA
    Analysis: Clean energy just put China’s CO2 emissions into reverse for first time
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