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  • Monthly Review Essays

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).
  • Stockholm - Visiting Scandinavia

    Scandinavia and imperialism

    Originally published: Peoples Democracy on July 17, 2022 (more by Peoples Democracy)  |

    There are many misconceptions about Scandinavian capitalism. A very common one is the belief that since the Scandinavian countries developed vigorous capitalist economies, without ever having acquired any colonies of their own, they constitute a clear refutation of the claim that capitalist development necessarily requires imperialism.

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

    “Heads I Win, Tails You Lose”

    Originally published: Peoples Democracy on June 19, 2022 (more by Peoples Democracy)  |

    To look at neo-fascism withoutits economic moorings, to ignore the fact that the neo-fascist government is actually based on a neo-liberal-neo-fascist alliance, and, in general, to look at politics as a self-contained sphere unconnected to the economy, is a liberal trait that the Left must not imitate.

  • Not a Single Rupee Spent on Development of Adopted Villages by Modi from MPLADS Funds thecognate.com

    The Indian economy is heading for a stationary state

    Originally published: Peoples Democracy on June 12, 2022 (more by Peoples Democracy)  |

    ADAM Smith and David Ricardo had been haunted by the idea of capitalism ending up in a “stationary state”, by which they meant a stable state of zero growth.

  • Federal Reserve Board of Governors.

    Neo-liberalism and anti-inflationary policy

    Originally published: Peoples Democracy on June 5, 2022 (more by Peoples Democracy)  |

    Central banks all over the capitalist world are raising, or are about to raise, interest rates as a means of countering the currently rampant inflation, which is certain to push a world economy that is barely recovering from the effect of the pandemic, back towards stagnation and greater unemployment.

  • A man looks on as he waits outside his house during the power cut in Colombo, Sri Lanka, March 30, 2022.

    Reflections on the Sri Lankan economic crisis

    Originally published: Global South Colloquy (GSC) on April 30, 2022 (more by Global South Colloquy (GSC))

    The American establishment and the new cold-warriors of that country put the blame on the Sri Lankan government’s developing close economic relations with China (and we shall no doubt hear much more of it in the coming days); others blame the sheer “irresponsibility” of the government which is accused of “sleeping” when Sri Lanka’s external debt was building up.

  • Welcome to the rich Indians club

    Tendency towards the emergence of an “international” middle class

    Originally published: Peoples Democracy on May 29, 2022 (more by Peoples Democracy)  |

    The chancellor of the exchequer of Britain, whose official residence is only next door to the British prime minister’s, is Rishi Sunak, a person of Indian origin. Britain’s home secretary is Priti Patel, also of Indian origin.

  • Housing, Rents, Evictions, Homelessness.

    The inhumanity of capitalism

    Originally published: Peoples Democracy on May 15, 2022 (more by Peoples Democracy)  |

    For over two years now, the world has been facing a pandemic the like of which has not been seen for a century, and which has already taken 15 million lives according to the WHO, without being anywhere near an end.

  • Russia - Ukraine war feeds food inflation in North Africa.

    Food and decolonisation

    Originally published: Peoples Democracy on May 8, 2022 (more by Peoples Democracy)  |

    RUSSIA and Ukraine together account for 30 per cent of the world’s wheat exports. Many African countries, in particular, are heavily dependent on them for their food supplies, which are now getting disrupted because of the war; and this disruption would continue since the war is also affecting the acreage being sown under foodgrains there.

  • Sri Lanka 5 rupie Cricket World Cup

    Reflections on the Sri Lankan economic crisis

    Originally published: Peoples Democracy on May 1, 2022 (more by Peoples Democracy)  |

    The American establishment and the new cold-warriors of that country put the blame on the Sri Lankan government’s developing close economic relations with China (and we shall no doubt hear much more of it in the coming days); others blame the sheer “irresponsibility” of the government which is accused of “sleeping” when Sri Lanka’s external debt was building up.

  • https://peoplesdemocracy.in/2022/0327_pd/irony-sanctions-against-russia

    The irony of sanctions against Russia

    Originally published: Peoples Democracy on March 27, 2022 (more by Peoples Democracy)  |

    The juggling which U.S. imperialism has to do to maintain its hegemony becomes more bizarre by the day. First, it kept needling Russia (“provoking the bear”) “on behalf of the western alliance” by expanding NATO to its very borders, knowing full well that Ukraine’s joining NATO would be totally unacceptable to Russia.

  • Globalisation and the Relocation of Capital and Labour

    Globalisation and the relocation of capital and labour

    Originally published: Peoples Democracy on March 20, 2022 (more by Peoples Democracy)  |

    The twin phenomena associated with contemporary globalisation, of migration of capital from the metropolis to parts of the third world, and of migration of labour from the erstwhile second world to the metropolis, have the effect of weakening the working class movement everywhere.

  • 50 rupee

    Sanctions within a regime of neo-liberalism

    Originally published: Peoples Democracy on March 13, 2022 (more by Peoples Democracy)  |

    Before joining the neo-liberal order, India used to have “rupee payment arrangements” with the Soviet Union and Eastern European socialist countries under which the main international reserve currency, the U.S. dollar, was used neither for settling transactions nor even as the unit of account in terms of which the trade-related transactions were denominated.

  • IMF Ukraine

    The IMF connection with the Ukraine crisis

    Originally published: Peoples Democracy on March 6, 2022 (more by Peoples Democracy)  |

    THE security concerns of Russia arising from Ukraine’s intentions of joining NATO have been widely discussed in the media. But the IMF’s link with Ukraine which is a parallel issue has scarcely received much attention.

  • American imperialism - Wikipedia

    Imperialism as an abiding phenomenon

    Originally published: Peoples Democracy on February 27, 2022 (more by Peoples Democracy)  |

    The essence of the relationship of imperialism lies in the control over the world’s resources, including land-use, by the metropolitan powers.

  • Economic inequality: still on the presidential agenda, still much more to be done. | USAPP

    An unimaginable contrast

    Originally published: Peoples Democracy on February 20, 2022 (more by Peoples Democracy)  |

    Much has been written about the immense increase in economic inequality that has occurred of late and various startling figures have been provided by bodies like Oxfam, which has just come out with a report titled ‘Inequality Kills.’

  • PxHere Free Images : chase, money, businessman, follow, greenback, pursuit, banknote, opportunity, jump, dream, entrepreneur, expression

    Why capitalist governments worry more about inflation than unemployment?

    Originally published: Peoples Democracy on February 13, 2022 (more by Peoples Democracy)  |

    Capitalist governments invariably seek to control inflation by enlarging unemployment.

  • The Ugliness of colonial power in India

    Social sciences and the colonised mind

    Originally published: Peoples Democracy on January 23, 2022 (more by Peoples Democracy)  |

    A CRUCIAL component of the imperialist system is the colonisation of third world minds that helps to sustain it. This colonisation is pervasive, but here we shall discuss only academic colonisation and that too relating to the social sciences.

  • Financial Markets Under Capitalism

    Financial Markets under capitalism

    Originally published: Peoples Democracy on January 16, 2022 (more by Peoples Democracy)  |

    One of the most important arguments advanced by John Maynard Keynes, the renowned economist, was that the operation of financial markets under capitalism is deeply flawed.

  • Capitalism is killing us!

    Yet another contradiction of capitalism

    Originally published: Peoples Democracy on January 2, 2022 (more by Peoples Democracy)  |

    In the United States there are still four million persons who remain unemployed compared to before the pandemic; and yet the Biden administration’s attempt to stimulate the economy has already run into a crisis with the re-emergence of inflation not just in that country but elsewhere in the capitalist world as well.

  • More inflation to come?

    U.S. inflation and India’s economic recovery

    Originally published: Peoples Democracy on December 19, 2021 (more by Peoples Democracy)  |

    The very day, December 11, when the Indian finance ministry spuriously claimed a robust recovery in the post-pandemic Indian economy, newspapers carried news of an acceleration in the U.S. inflation rate.

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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 […]

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