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Those who control the world's commanding economic heights,
buttressed by the theories of mainstream economists, presume that
capitalism is a self-contained and self-generating system. Nothing
could be further from the truth. In this pathbreaking book-winner
of the Paul A. Baran-Paul M. Sweezy Memorial Award-radical
political economists Utsa Patnaik and Prabhat Patnaik argue that
the accumulation of capital has always required the taking of land,
raw materials, and bodies from noncapitalist modes of production.
They begin with a thorough debunking of mainstream economics. Then,
looking at the history of capitalism, from the beginnings of
colonialism half a millennium ago to today's neoliberal regimes,
they discover that, over the long haul, capitalism, in order to
exist, must metastasize itself in the practice of imperialism and
the immiseration of countless people. A few hundred years ago,
write the Patnaiks, colonialism began to ensure vast, virtually
free, markets for new products in burgeoning cities in the West.
But even after slavery was generally abolished, millions of people
in the Global South still fell prey to the continuing lethal
exigencies of the marketplace. Even after the Second World War,
when decolonization led to the end of the so-called "Golden Age of
Capitalism," neoliberal economies stepped in to reclaim the Global
South, imposing drastic "austerity" measures on working people.
But, say the Patnaiks, this neoliberal economy, which lives from
bubble to bubble, is doomed to a protracted crisis. In its demise,
we are beginning to see - finally - the transcendence of the
capitalist system.
Over forty years after the formal end of colonialism, suffocating
ties to Western financial systems continue to prevent African
countries from achieving any meaningful monetary sovereignty.
Economic and Monetary Sovereignty in 21st Century Africa traces the
recent history of African monetary and financial dependencies,
looking at the ways African nations are resisting colonial
legacies. Using a comparative, multi-disciplinary approach, this
book uncovers what went wrong after the Pan-African approaches that
defined the early stages of independence, and how most African
economies fell into the firm grip of the IMF, World Bank, and the
EU's strict neoliberal policies. This collection is the first to
offer a wide-ranging, comparative and historical look at how
African societies have attempted to increase their policy influence
and move beyond neoliberal orthodoxy and US-dollar dependency.
Economic and Monetary Sovereignty in 21st Century Africa is
essential reading for anyone interested in the African quest for
self-determination in a turbulent world of recurring economic and
financial crisis.
Over forty years after the formal end of colonialism, suffocating
ties to Western financial systems continue to prevent African
countries from achieving any meaningful monetary sovereignty.
Economic and Monetary Sovereignty in 21st Century Africa traces the
recent history of African monetary and financial dependencies,
looking at the ways African nations are resisting colonial
legacies. Using a comparative, multi-disciplinary approach, this
book uncovers what went wrong after the Pan-African approaches that
defined the early stages of independence, and how most African
economies fell into the firm grip of the IMF, World Bank, and the
EU's strict neoliberal policies. This collection is the first to
offer a wide-ranging, comparative and historical look at how
African societies have attempted to increase their policy influence
and move beyond neoliberal orthodoxy and US-dollar dependency.
Economic and Monetary Sovereignty in 21st Century Africa is
essential reading for anyone interested in the African quest for
self-determination in a turbulent world of recurring economic and
financial crisis.
On the night of 8 November 2016, at 8:15 pm, India's Prime
Minister, Narendra Modi, announced in a televised broadcast to the
nation that with effect from midnight, currency notes of
denominations Rs 500 and Rs 1,000 would no longer be legal tender.
In one stroke, this involved the de-recognition of over 86 per cent
of the value of Indian currency in circulation with only four
hours' notice. This important book provides a quick and concise
explanation of the goals, implications, initial effects and the
political economy of this major demonetisation move by the
Government of India. It clarifies key concepts and offers astute
economic analysis to guide the reader through the various claims,
arguments and critiques that have been made; highlights the
complexities of the processes that have been unleashed; and
examines the likely outcomes in the long term as well as those that
are immediately evident. Timely and lucid, this book will interest
students and researchers in the fields of economics, finance,
management, law, politics and governance as well as policy makers,
legislators, civil society activists and the media.
On the night of 8 November 2016, at 8:15 pm, India's Prime
Minister, Narendra Modi, announced in a televised broadcast to the
nation that with effect from midnight, currency notes of
denominations Rs 500 and Rs 1,000 would no longer be legal tender.
In one stroke, this involved the de-recognition of over 86 per cent
of the value of Indian currency in circulation with only four
hours' notice. This important book provides a quick and concise
explanation of the goals, implications, initial effects and the
political economy of this major demonetisation move by the
Government of India. It clarifies key concepts and offers astute
economic analysis to guide the reader through the various claims,
arguments and critiques that have been made; highlights the
complexities of the processes that have been unleashed; and
examines the likely outcomes in the long term as well as those that
are immediately evident. Timely and lucid, this book will interest
students and researchers in the fields of economics, finance,
management, law, politics and governance as well as policy makers,
legislators, civil society activists and the media.
In A Theory of Imperialism, economists Utsa Patnaik and Prabhat
Patnaik present a new theory of the origins and mechanics of
capitalism that sounds an alarm about its ongoing viability. Their
theory centers on trade between the core economies of the global
North and the tropical and subtropical countries of the global
South and considers how the Northern demand for commodities (such
as agricultural products and oil) from the South has perpetuated
and solidified an imperialist relationship. The Patnaiks explore
the dynamics of this process and discuss innovations that could
allow the economies of the South to achieve greater prosperity
without damaging the economies of the North. The result is an
original theory of imperialism that brings to light the crippling
limitations of neoliberal capitalism. A Theory of Imperialism also
includes a response by David Harvey, who interprets the agrarian
system differently and sees other factors affecting trade between
the North and the South. Their debate is one of the most
provocative exchanges yet over the future of the global economy as
resources grow thin, populations explode, and universal prosperity
becomes ever more elusive.
The essays in this book are the texts of four public lectures on
Marx's Capital, delivered by C. P. Chandrasekhar on the occasion of
150 years since the publication of Volume 1. The essays are titled:
"Capital and the Critique of Bourgeois Political Economy"; "Order
and Anarchy in the Capitalist System"; 'Revisiting Capital in the
Age of Finance"; and "Marx's Capital and the Current Crisis in
Capitalism." The book includes an introduction by Prabhat Patnaik.
In A Theory of Imperialism, economists Utsa Patnaik and Prabhat
Patnaik present a new theory of the origins and mechanics of
capitalism that sounds an alarm about its ongoing viability. Their
theory centers on trade between the core economies of the global
North and the tropical and subtropical countries of the global
South and considers how the Northern demand for commodities (such
as agricultural products and oil) from the South has perpetuated
and solidified an imperialist relationship. The Patnaiks explore
the dynamics of this process and discuss innovations that could
allow the economies of the South to achieve greater prosperity
without damaging the economies of the North. The result is an
original theory of imperialism that brings to light the crippling
limitations of neoliberal capitalism. A Theory of Imperialism also
includes a response by David Harvey, who interprets the agrarian
system differently and sees other factors affecting trade between
the North and the South. Their debate is one of the most
provocative exchanges yet over the future of the global economy as
resources grow thin, populations explode, and universal prosperity
becomes ever more elusive.
Those who control the world's commanding economic heights,
buttressed by the theories of mainstream economists, presume that
capitalism is a self-contained and self-generating system. Nothing
could be further from the truth. In this pathbreaking book-winner
of the Paul A. Baran-Paul M. Sweezy Memorial Award-radical
political economists Utsa Patnaik and Prabhat Patnaik argue that
the accumulation of capital has always required the taking of land,
raw materials, and bodies from noncapitalist modes of production.
They begin with a thorough debunking of mainstream economics. Then,
looking at the history of capitalism, from the beginnings of
colonialism half a millennium ago to today's neoliberal regimes,
they discover that, over the long haul, capitalism, in order to
exist, must metastasize itself in the practice of imperialism and
the immiseration of countless people. A few hundred years ago,
write the Patnaiks, colonialism began to ensure vast, virtually
free, markets for new products in burgeoning cities in the West.
But even after slavery was generally abolished, millions of people
in the Global South still fell prey to the continuing lethal
exigencies of the marketplace. Even after the Second World War,
when decolonization led to the end of the so-called "Golden Age of
Capitalism," neoliberal economies stepped in to reclaim the Global
South, imposing drastic "austerity" measures on working people.
But, say the Patnaiks, this neoliberal economy, which lives from
bubble to bubble, is doomed to a protracted crisis. In its demise,
we are beginning to see - finally - the transcendence of the
capitalist system.
There's really no escaping it: if you want to understand
capitalism, you simply have to read Karl Marx's "Capital". But this
is easier said than done. "Capital" is Marx's magnum opus -
consisting of more than 2,000 pages, over three volumes. It is a
masterpiece of analysis, of relentlessly methodical and logical
reasoning. So is "Capital" only for the expert? No. "Capital" can
be read - and understood - by beginners as well, provided they are
guided into it. Which is exactly what this volume does. Seven
leading Marxist scholars lay out the conceptual framework of
"Capital" as well as investigate its various themes in essays
written specially for this Reader. Moreover, each of the authors
has taken care to not limit him/herself to only preliminary
explication of concepts, and has also gone into matters of advanced
theory. The volume as a whole also has a broadly similar trajectory
- the first couple of essays lay the foundation, the middle four
essays graduate from basic concepts to theoretical discussion and
debates, and the last essay does not go into basic concepts at all,
but applies the method of "Capital" to theorise about contemporary
capitalism. This introductory Reader, then, does two things: it
equips new readers with the basic conceptual keys that could unlock
the vast treasure trove of Marx's analysis and insights, as well as
offering fresh insights into Marx's magnificent work to the
initiated.
The purpose of this book is to provide an altogether different view
of the functioning and resilience of the capitalist system. Its
argument is that the existence of a periphery of less developed
countries provides a buffer that allows relatively crisis-free and
non-inflationary growth in the capitalist core. The analysis
unifies two fields that are normally separate: models of growth and
stabilization policy in advanced economies and the economics of
open, developing economies. Consequently, Patnaik embraces both a
thorough analysis of modern fiscal, monetary, and inflation policy
in advanced capitalist economies and the constraints that
systematically hinder development in less developed countries. His
model's great strength is that the interconnections between these
two spheres are firmly established and are, indeed, shown as
fundamental to our understanding of either 'the North' or 'the
South'. Accumulation and Stability under Capitalism uses
macroeconomic principles to solve problems currently addressed with
microeconomic tools, establishing macroeconomics as a framework for
analysing phenomena as wide-ranging as migration, imperialist
systems, technological change, and labour markets. In the tradition
of Keynes, Harrod and Domar, Marx, Luxemburg, and Kalecki, it
offers an alternative path to the choice-theoretic models that have
appeared to be the only modern analytical path.
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