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Author: Prabhat Patnaik

Home Prabhat Patnaik
This author has written 375 articles

An Unimaginable Contrast

  • February 22, 2022
  • Prabhat Patnaik
  • Economy and Society
  • 0 Comments

Much has been written about the immense increase in economic inequality that has occurred of late and various startling figures have been provided by bodies like Oxfam, which has just come out with a report titled Inequality Kills. This shows…

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Why Capitalist Governments Worry More about Inflation than Unemployment?

  • February 14, 2022
  • Prabhat Patnaik
  • Political Economy
  • 0 Comments

Capitalist governments invariably seek to control inflation by enlarging unemployment. This has nothing to do with any belief in a stable “trade-off” between the two, namely in a stable curve that links the two. Even those who attribute inflation to…

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A Budget whose Silences are Ominous

  • February 7, 2022
  • Prabhat Patnaik
  • Finance
  • 0 Comments

No budget in recent memory has been presented at a time when the economy is in such dire straits: unemployment is so bad that there are job riots in Bihar and UP; wealth and income inequalities are among the worst…

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The Economy on the Eve of the Budget

  • January 31, 2022
  • Macroscan Team and Prabhat Patnaik
  • World Economy
  • 0 Comments

The Indian economy is currently caught in a vicious spiral of inflation, stagnation, and a widening of the fiscal deficit. And this spiral is set to become even more vicious because inter alia of developments in the world economy. Even…

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Social Sciences and the Colonised Mind

  • January 24, 2022
  • Prabhat Patnaik
  • Economy and Society
  • 0 Comments

A crucial component of the imperialist system is the colonisation of third world minds that helps to sustain it. This colonisation is pervasive, but here we shall discuss only academic colonisation and that too relating to the social sciences. Social…

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Financial Markets Under Capitalism

  • January 17, 2022
  • Prabhat Patnaik
  • Finance
  • 0 Comments

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. Such markets are intrinsically incapable of distinguishing between “enterprise” where an asset is held…

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Co-lending: Towards recolonising the peasantry

  • January 10, 2022
  • Prabhat Patnaik
  • Political Economy
  • 0 Comments

In colonial times, the peasantry had to borrow from private moneylenders. According to Provincial Banking Enquiry Committee reports, these moneylenders in turn borrowed from commercial banks. But while disbursing credit to the peasants and charging exorbitant interest rates, the money…

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Yet Another Contradiction of Capitalism

  • January 3, 2022
  • Prabhat Patnaik
  • Political Economy
  • 0 Comments

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…

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Privatisation and the Constitution

  • December 27, 2021
  • Prabhat Patnaik
  • Finance
  • 0 Comments

In a recent report the People’s Commission on the Public Sector and Public Services has rightly drawn attention to the sheer un-constitutionality of the Modi government’s plan to privatise en masse the assets of the public sector. The constitution of…

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US Inflation and India’s Economic Recovery

  • December 20, 2021
  • Prabhat Patnaik
  • Macroeconomics
  • 0 Comments

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 US inflation rate. The inflation rate in November 2021 over November of…

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