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Author: Prabhat Patnaik

Home Prabhat Patnaik
This author has written 391 articles

Believing One’s Own False Theories

  • September 11, 2023
  • Prabhat Patnaik
  • Political Economy, Trade and balance of payments
  • 0 Comments

Liberal bourgeois writers tend to explain the problems that arise under capitalism not by the immanent tendencies of the system but by the capriciousness of particular governments. This way they can continue to believe in their own false theories that…

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Behind BRICS Expansion

  • September 4, 2023
  • Prabhat Patnaik
  • Political Economy, World Economy
  • 0 Comments

At the Johannesburg summit of the BRICS countries, it was decided to expand the group beyond its original five, namely, Brazil, Russia, India, China and South Africa, to include six more countries. These are: Argentina, Egypt, Iran, Ethiopia, Saudi Arabia…

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The Destruction of Universities

  • August 28, 2023
  • Prabhat Patnaik
  • Political Economy
  • 0 Comments

When BJP rule in the country is dead and gone, a good deal of the damage it has caused to the Indian society, polity and economy will no doubt be reversed. But there are at least two areas where such…

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The Stalled Decolonisation

  • August 21, 2023
  • Prabhat Patnaik
  • Economy and Society, World Economy
  • 0 Comments

Much of the ex-colonial world, having set up dirigiste regimes to wrest control over its natural resources from metropolitan capital and to build up industries behind protectionist walls, was sought to be re-assimilated into imperialist hegemony through the neo-liberal economic…

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The Problem with “Universal Basic Income”

  • August 7, 2023
  • Prabhat Patnaik
  • Economy and Society, Political Economy
  • 0 Comments

Many economists have been advocating a universal basic income for India, an idea that was mooted even in the official Economic Survey for 2016-17. Of course the practical proposals towards this end have varied, some suggesting a common universal transfer…

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The Poverty of UN Poverty Estimates

  • July 31, 2023
  • Prabhat Patnaik
  • Political Economy, Poverty
  • 0 Comments

On April 3 this year, the minister of state for planning, Rao Inderjeet Singh, said in the Rajya Sabha that the government had no data after 2011-12 for estimating poverty, and therefore had no idea how many people had been…

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When can there be a Fall in the Rate of Profit?

  • July 24, 2023
  • Prabhat Patnaik
  • Macroeconomics
  • 0 Comments

Several major economists have put forward theories predicting a falling tendency of the rate of profit under capitalism; Marx had seen in this fact an awareness on their part of the essential transitoriness of the capitalist system. But while some…

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Third World External Debt in the Light of Simple Economics

  • July 17, 2023
  • Prabhat Patnaik
  • Finance, World Economy
  • 0 Comments

India and other third world countries can morally justify their being a part of G-20 alongside the imperialist powers, only if they raise common and pressing problems of the third world as a whole at G-20 meetings. Perhaps the most…

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Is What We have “Crony Capitalism”?

  • July 10, 2023
  • Prabhat Patnaik
  • Economy and Society, Political Economy
  • 0 Comments

Fascistic elements exist in every modern society, but usually as fringe, marginal or minor elements. They move centre-stage only when they get the support of monopoly capital which provides them with ample money and media coverage; and this happens when…

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The FCI’s Bizarre Logic

  • July 3, 2023
  • Prabhat Patnaik
  • Political Economy, Poverty
  • 0 Comments

The Karnataka government’s plan to launch its “Anna Bhagya” scheme on July 1 under which it was planning to provide 10 kg of free rice per month to each family below the poverty-line has run into problems because of the…

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