By Utsa Patnaik, Prabhat Patnaik
In A idea of Imperialism, economists Utsa Patnaik and Prabhat Patnaik current a brand new thought of the origins and mechanics of capitalism that sounds an alarm approximately its ongoing viability. Their thought facilities on exchange among the center economies of the worldwide North and the tropical and subtropical nations of the worldwide South and considers how the Northern call for for commodities (such as agricultural items and oil) from the South has perpetuated and solidified an imperialist dating. The Patnaiks discover the dynamics of this technique and speak about recommendations which could permit the economies of the South to accomplish better prosperity with no destructive the economies of the North. the result's an unique thought of imperialism that brings to gentle the crippling obstacles of neoliberal capitalism.
A concept of Imperialism additionally encompasses a reaction by means of David Harvey, who translates the agrarian procedure in a different way and sees different elements affecting alternate among the North and the South. Their debate is likely one of the so much provocative exchanges but over the way forward for the worldwide economic system as assets develop skinny, populations explode, and common prosperity turns into ever extra elusive.
About the Authors
Utsa Patnaik is professor emerita and Prabhat Patnaik is professor emeritus on the Centre for financial reports and making plans, institution of Social Sciences at Jawaharlal Nehru college. Utsa's books comprise The Agrarian query within the Neoliberal period (2011) and The Republic of starvation and different Essays (2007). Prabhat is the writer such a lot lately of the price of cash (Columbia, 2009) and Re-envisioning Socialism (2011).
David Harvey is a extraordinary professor within the anthropology, historical past, and Earth and environmental sciences courses at CUNY's Graduate heart. His books comprise Seventeen Contradictions and the top of Capitalism (2014) and Cosmopolitanism and the Geographies of Freedom (Columbia, 2009).
A hugely unique, powerfully provided, and intensely thought-provoking new conception of imperialism that may strength somebody all for the query of imperialism to reconsider their very own presuppositions.
Robert Pollin, codirector and professor of economics, Political economic system learn Institute, college of Massachusetts, Amherst
Utsa and Prabhat Patnaik offer us with a massive and incisive contribution to the idea of imperialism. via a rigorous research of the guidelines pursued in India, they reveal how the modern development of imperialism is a continuation of its prior colonial development, during which peasant agriculture is systematically undermined, therefore producing a big and becoming reserve of surplus labour. the guidelines defined in A concept of Imperialism are primary to knowing the development of the unequal international method some time past and within the present.
Samir Amin, writer of The Implosion of Capitalism
this is often the easiest book-length remedy at the monetary points of imperialism to were released long ago a number of a long time. it really is theoretically robust and empirically scrupulous, and its ancient variety covers the total span of imperialism from the colonial interval all the way down to the current day
Irfan Habib, writer of The Agrarian procedure of Mughal India 1556–1707.
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Additional info for A Theory of Imperialism
The threat in short arises when the ﬁ rst route is followed. What the threat-to-the-value-of-money argument states is that if the forced reduction in consumption that occurs within the tropical region through a squeeze on money incomes and the forced reduction in consumption in the metropolis that occurs through a decline in the money wage rate per efficiency unit of labour in the metropolis, are together insufficient in successive periods to eliminate excess demand for the tropical commodity whose output cannot be augmented because of the ﬁxity of the tropical landmass, then the stability of the value of money in the metropolis gets undermined.
Our argument against the objection to a theory of imperialism on account of the small weight of third world products in the gross value of metropolitan output is different from that of Harry Magdoff (1969). He had rightly emphasized that these products, no matter how small their share in the gross value of output of the metropolis, were material inputs without which metropolitan production simply could not occur at all. The weight of, say, raw materials in the value of manufactured output may be small, but there can be no manufacturing at all without raw materials.
They are no longer insulated from the low wages prevailing in the third world. The segmentation of the world economy such that workers in one part of it could raise their wages more or less in tandem with the increase in their labour productivity, while workers in the other part were stuck at a subsistence level (admittedly not a biological subsistence) because of massive labour reserves, breaks down in the era of globalization. 3 Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:45 PM Introduction 3 Thus, while the third world big bourgeoisie is coming up rapidly and making common cause with the capitalists of advanced countries, to a point where even the distinction between the two bourgeoisies is getting obliterated, there is also a certain parallel tendency, if not towards an actual obliteration of the wage differences between the workers in the advanced and third world countries, then at least towards a freezing of these differences.
A Theory of Imperialism by Utsa Patnaik, Prabhat Patnaik