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.

A Marxist scholar and historian, Irfan Habib has been a towering presence in the Indian intellectual scene for over four decades. His formidable intellectual reputation, established in the sixties with the publication of 'The Agrarian System of Mughal India', broadened as he became an authority in the entire area of Indian history from ancient to modern. Professor Habib's undiminished commitment to the cause of socialism is reflected in these highly original and bold analyses of Marxist historiography and theories of socialist construction.

This volume comprises essays from scholars around the world representing the wide variety of Habib's interests and contributions. Ranging from history to politics and economics, the essays cover both the medieval period and modern India, as well as theories for the future of this emerging superpower. This special edition also features an essay by Irfan Habib, originally published as 'The Economic History of Medieval India: A Survey', covering the Delhi Sultanate, the Vijayanagara economy and the economy of Mughal India.

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.

A Marxist scholar and historian, Irfan Habib has been a towering presence on the Indian intellectual scene for over four decades. His formidable intellectual reputation, established in the sixties with the publication of "The Agrarian System of Mughal India," broadened as he became an authority in the entire area of Indian history from ancient to modern. Professor Habib s undiminished commitment to the cause of socialism is reflected in these highly original and bold analyses of Marxist historiography and theories of socialist construction.This volume comprises essays from scholars around the world representing the wide variety of Habib s interests and contributions. Ranging from history to politics and economics, the essays cover both the mediaeval period and modern India, as well as theories for the future of this emerging superpower.This special edition also features an essay by Irfan Habib originally published as "The Economic History of Medieval India: A Survey," covering the Delhi Sultanate, the Vijayanagara economy and the economy of Mughal India.

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.

Food security and asset possession of small producers in developing countries has been severely undermined over many years. The old primitive accumulation of capital - by seizing resources from colonies - was only temporarily halted by independence struggles. Today the advanced capitalist world, whose large scale agriculture cannot meet its own consumption needs, angles to control the superior productive capacity of developing countries for both food and agrofuels. Monopolistic control of food distribution, increased prices of foods and farm inputs, and transnational capital's concessioning of land for food and agrofuel production have created a new scramble for land. At the same time neoliberal reforms have increased unemployment, deepened debt, led to land and livestock losses, reduced per capita food production and decreased nutritional standards. The dominant response to this agrarian crisis has been to reinforce the incorporation of the peasantry into volatile world markets and to extend land alienation, increasing import dependence. This book shows how the peasantry's increasingly active resistance has the potential to undermine political stability in third world countries. Patnaik argues that generating livelihoods and genuine development for the majority demands the encouragement of labour-intensive petty production, a rethinking about which agricultural commodities are produced, the redistribution of the means of food production and increased social investment in rural development. Food sovereignty requires policies that defend the land rights of small producers. Voluntary co-operation will permit economies of scale, higher productivity and incomes, and allow the mass of the people to live their lives with dignity.

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.

Showing how current policies are causing unprecedented rural distress and widespread hunger, this exploration delves into four developing regions--India, the Philippines, Mexico, and Sub-Saharan Africa. The analysis considers both the state of economics as a discipline and the economic policies that ruin the lives and livelihoods of millions of people in the third world. In these four regions, imperialism presents itself through deflationary, neoliberal "economic reforms," a thrust towards free trade, and the spread of subservient agriculture. The 12 essays presented offer an alternative look to this dire situation.