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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).
  • Flickr Crossroads: Success or Failure | Please give attribution to … | Flickr

    The World at crossroads

    Originally published: Peoples Democracy on May 31, 2020 (more by Peoples Democracy)  |

    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. Redistribution will again be on the agenda… Policies until recently considered eccentric such as basic income and wealth taxes will have to be in the mix.

  • Wikimedia Commons File:'AMBEDKAR GATE' during conference of Independent Labour Party ...

    The war on Labour

    Originally published: Peoples Democracy on May 17, 2020 (more by Peoples Democracy)  |

    The war on labour is a continuation of the attacks which the BJP has been launching on the religious minorities and dalits; its economic consequences will be disastrous.

  • Practical Money Skills Money Metropolis

    Finance’s preference for the Metropolis

    Originally published: IDEAs (International Development Economics Associates) on May , 2020 (more by IDEAs (International Development Economics Associates))  |

    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.

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

    The exodus of finance from the third world

    Originally published: Peoples Democracy on April 27, 2020 (more by Peoples Democracy)  |

    There is an exodus of finance from the third world at present, far exceeding in scale what had occurred in 2008 after the financial crisis.

  • Prabhat Patnaik

    Globalisation and the pandemic

    Originally published: IDEAs (International Development Economics Associates) on April 24, 2020 (more by IDEAs (International Development Economics Associates))  |

    SSER-IDEAS Online Lecture Series — COVID-19 Pandemic: Policy Failures and Their Impact on the Lives of People

  • Pixabay Businessman Stock Broker Money - Free photo on Pixabay

    Finance versus the people in the era of the pandemic

    Originally published: Peoples Democracy on April 12, 2020 (more by Peoples Democracy)  |

    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.

  • A COVID-19 hospital in Wuhan that was built in less than 10 days.

    Pandemic and socialism

    Originally published: Peoples Dispatch on March 29, 2020 (more by Peoples Dispatch)  |

    As COVID-19 grips the world, in country after country, there is socialization of healthcare and of production of some essential goods, which markedly departs from the capitalist norm

  • V0036166 Twelve doctors standing in test tubes. Colour lithograph by

    Some basic lessons from the pandemic

    Originally published: IDEA's on March 23, 2020 (more by IDEA's)  |

    The coronavirus attack has so far been much less deadly than the Spanish flu of a century ago. That had affected 500 million people worldwide, about 27 per cent of the world’s population of the time, and had a death rate of about 10 per cent among those affected.

  • Wikimedia Commons File-Bryan, Judge magazine, 1896.jpg - Wikimedia Commons

    The uses of “populism”

    Originally published: Peoples Democracy on March 1, 2020 (more by Peoples Democracy)  |

    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 the Left had originally meant by them, or, at the very least, they become fuzzy and hence useless to the Left. In either case the power of the Left concept is neutralised.

  • Capitalism, Socialism and Over-Production Crises

    Capitalism, socialism and over-production crises

    Originally published: NewsClick.in on February 14, 2020 (more by NewsClick.in)  |

    Unlike capitalism, socialism avoids any waste or slack, such as is caused by an over-production crisis, by raising the consumption of workers appropriately to avert it.

  • Pancarte place de la République pendant la manifestation des gilets jaunes le 26 janvier 2019.

    The perversity of the neo-liberal fiscal regime

    Originally published: IDEAs (International Development Economics Associates) on December 16, 2019 (more by IDEAs (International Development Economics Associates))  |

    When income growth slows down in an economy, so does the growth of tax revenue within the given tax regime. Since the government has certain expenditure obligations, to meet these obligations it has to either impose additional taxes or expand its fiscal deficit.

  • Marx

    Some comments about Marx’s epistemology

    Originally published: IDEAS on August 30, 2019 (more by IDEAS)  |

    Marx’s eleventh thesis on Feurbach: “the philosophers have hitherto only interpreted the world in various ways, the point is to change it”, has been often taken to mean that interpreting the world and changing the world are two separate and disconnected activities.

  • World Capitalism

    The systemic crisis of world capitalism

    Originally published: Peoples Democracy on August 25, 2019 (more by Peoples Democracy)  |

    THE hallmark of a systemic, as distinct from a cyclical or sporadic, crisis of capitalism is that every effort to resolve the crisis within the broad confines of the system, defined in terms of its prevailing class configuration, only worsens the crisis.

  • ShellyS Follow The Counterfeit Caper

    The debate over inequality

    Originally published: IDEAs (International Development Economics Associates) on July 1, 2019 (more by IDEAs (International Development Economics Associates))  |

    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 Sanders had such a proposal for the U.S. during the time that he was seeking the Presidential nomination of the Democratic Party.

  • Global shift right wing

    The global shift to the right

    Originally published: NewsClick.in on June 2, 2019 (more by NewsClick.in)  |

    No matter how successful the Right may be in the short-run in mobilising people around a divisive agenda, it is incapable of leading them out of the current economic crisis. It is only the Left that can provide a way out.

  • Concept of IMF tranches. Pack of dollars as pills in blister pack. 3d

    Finance and growth under neo-liberalism

    Originally published: IDEAs (International Development Economics Associates) on May 24, 2019 (more by IDEAs (International Development Economics Associates))  |

    A neo-liberal capitalist economy therefore does not have the instruments that capitalism earlier had for providing a bulwark against its slipping into recession and stagnation; the question is: does it have any instruments at all?

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

    Shadow of fascism

    Originally published: Frontline on Print Edition: April 12, 2019 (more by Frontline)  |

    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.

  • How Economics is Serving to Camouflage Imperialism

    How economics is serving to camouflage imperialism

    Originally published: NewsClick.in on March 16, 2019 (more by NewsClick.in)  |

    The intellectual hegemony of mainstream bourgeois economics, by invariably seeing capitalism as a self-contained closed system, serves to obscure the phenomenon of imperialism.

  • What's happening in France? The 'yellow vest' movement explained ... AzeriTimes.com

    The Yellow Vest movement

    Originally published: IDEAs (International Development Economics Associates) on December 17, 2018 (more by IDEAs (International Development Economics Associates))  |

    Nothing shows the crisis of neo-liberal capitalism more clearly than the popular uprising in France that is occurring under the banner of the “Yellow Vest” movement.

  • Ideological Struggles in Contemporary Capitalism | NewsClick NewsClick

    Contemporary capitalism and the world of work

    Originally published: IDEAs (International Development Economics Associates) on December 4, 2018 (more by IDEAs (International Development Economics Associates))  |

    The most significant feature of contemporary capitalism which is of relevance to the world of work is its inability to provide work to a substantial proportion of persons looking for it.

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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

  • Gendered Violence as an Inextricable Thread of Capitalism
    Maja Solar Graffiti in Mexico City, 2011. It reads: No Mas Feminicidios (No more murder of women).

    The gendered forms of violence in capitalist-patriarchal societies are, obviously, related to what is habitually recognized as violence against women.

Lost & Found

  • End of Cold War Illusions
    Harry Magdoff F-16N Fighting Falcon

    In this reprint of the February 1994 “Notes from the Editors,” former MR editors Harry Magdoff and Paul M. Sweezy ask: “The United States could not have won a more decisive victory in the Cold War. Why, then, does it continue to act as though the Cold War is still on?”

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