Neo-Liberal Capitalism and its Crisis Prabhat Patnaik

“Neo-liberal capitalism” is the term used to describe the phase of capitalism where restrictions on the global flows of commodities and capital, including capital in the form of finance, have been substantially removed. Since such removal happens under pressure from globally-mobile (or international) finance capital, neo-liberal capitalism is characterized by the hegemony of international finance capital, with which the big capitals in particular countries get integrated, and which ensures that a common set of “neo-liberal” policies are pursued by all countries across the globe. The emergence of such international finance capital is itself the outcome of the process of centralization…

The Paradox of Capitalism Prabhat Patnaik

John Maynard Keynes, though bourgeois in his outlook, was a remarkably insightful economist, whose book Economic Consequences of the Peace was copiously quoted by Lenin at the Second Congress of the Communist International to argue that conditions had ripened for the world revolution. But even Keynes' insights could not fully comprehend the paradox that is capitalism. In a famous essay ''Economic Possibilities for our Grandchildren'', written in 1930, Keynes had argued: ''Assuming no important wars and no important increase in population, the economic problem may be solved, or be at least within sight of solution, within a hundred years. This…

Corruption in the age of Liberalisation C.P. Chandrasekhar

In a season for scandals, allegations of large scale corruption have captured political India’s attention. The instances to which such allegations relate are many, varying from the sale of 2G spectrum and the mobilisation and/or disposal of land and mining resources, to purchases made as part of large and concentrated public expenditures (as in the case of the Commonwealth Games). Features that these ostensible instances of corruption have in common are their large size in terms of sheer magnitude and the brazen violation of the law they involve. If true, the allegations not only indicate that corruption still prevails but…