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.

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.

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.

The pandemic alas is not yet over, but there are no economic disruptions in the current fiscal year in the form of lockdowns or workers’ absence. The economy’s performance therefore can no longer be attributed to the prevalence of the pandemic; whatever it is, it is caused by economic factors.

One should scarcely be surprised therefore by the fact that the western media have been so critical of the Modi government for its climbdown.

Education in post-independence India was supposed not just to provide knowledge and skills to students, but also to facilitate the process of “nation-building” (to use a clumsy word).

THE Modi government’s attempt to “explain” away India’s slipping from being 94th on the world hunger index in 2020 to 101st in 2021, a rank well below that of neighbours Pakistan, Nepal or Bangladesh, by questioning the “methodology” of the index, is jejune enough; but even more shocking is its total inability to see the reason behind the acute hunger in the country.

THE period of neo-liberalism witnesses an increase in the share of economic surplus in total output both in individual countries and also for the world as a whole.

MARXIST theory develops with changing times, as capitalism itself develops, which is why it remains a living doctrine. On the question of the role of the peasantry in the revolutionary process that leads to the transcendence of capitalism, there have been significant developments in Marxist theory, which I propose to discuss here.

EVERYWHERE in the world people got vaccinated against the COVID-19 virus without having to pay a penny, but not in India. Everywhere in the world, historic landmarks that define a nation, that constitute the warp and woof of a nation’s consciousness, are held sacred and left untouched in their original shape, but not in India.

There is a tendency in the West, including even among progressives, to treat all “nationalism” as a homogeneous and reactionary category. They treat even anti-colonial nationalism as if it is no different from European bourgeois nationalism, notwithstanding the several crucial differences between the two.

It has been four decades since neoliberal globalization began to reshape the world order. During this time, its agenda has decimated labor rights, imposed rigid limits on fiscal deficits, given massive tax breaks and bailouts to big capital, sacrificed local production for multinational supply chains, and privatized public sector assets at throwaway prices.

Prabhat Patnaik shows that as capital is relocated, real wages do not rise, inequality widens, and global demand is suppressed. The system remains in protracted crisis; Keynesianism in the North alone is no solution. The struggle is everywhere.

Imperialism which existed in the colonial era persists to this day and the system cannot do without it.

Hello and welcome. I’m Lynn Fries producer of Global Political Economy or GPEnewsdocs. Today’s guest is Prabhat Patnaik. He is talking about his read on the history of capitalism that he breaks up into 5 periods from colonialism into the present.

Just as a household cannot “live beyond its means” forever, and sooner or later its creditors not only stop giving loans but take away the assets of the household for defaulting on loan repayment, likewise, the State cannot “live beyond its means” forever and go on borrowing ad infinitum; sooner or later its creditors stop giving loans and even attach its assets.

ON July 19, 1969, 14 major banks were nationalised in the country. Today, after 52 years there is some talk again of privatising the nationalised banks, which naturally raises the question: why were banks nationalised at all?

Many would remember that the Soviet Union and other Eastern European socialist countries used to be characterized by long queues of consumers for several commodities.

A blot on the nation.

Georgi Dimitrov, president of the Communist International, had, at its Seventh Congress, characterised a fascist State as the “open terrorist dictatorship of the most reactionary section of finance capital”