Name: Capital & Imperialism: Theory, History and The Present
Brand: Tulika Books
SKU: 9788194717591
Price: 780.0 INR
Availability: InStock

Capital & Imperialism: Theory, History and The Present

by Usta Patnaik

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ISBN13: 9788194717591
Binding: Hardcover
Subject: Politics and Current Affairs
Publisher: Tulika Books
Publisher Imprint: Tulika Books
Publication Date: June 7, 2021
Pages: 424
Original Price: INR 1200.0
Language: English
Edition: N/A
Item Weight: 800 grams
BISAC Subject(s): N/A

About The Book

Mainstream economics invariably sees capitalism as an isolated and closed system. In this path-breaking book, authors argue that this is both historically false and logically untenable. An essentially money-using economy like capitalism is inconceivable unless placed within a pre-capitalist setting which it dominates and modifies for its own purposes. Colonialism created such a setting. Metropolitan capitalism transferred massive resources from colonies gratis fuelling industrial revolution, and later found external markets, thus avoiding domestic stagnation, by displacing craft produces in tropical colonies. The exhaustion of colonial markets was an important factor behind the Great Depression of the 1930s. The authors argue that post-war state intervention to boost demand now played the role of colonial markets; but metropolitan inability to extract resources from newly decolonized tropical colonies precipitated the inflationary crisis bringing the post-war boom to an end. Neoliberalism, replacing post-war dirigisme, keeps inflation in check by imposing income compression on third world populations; but it also prevents state intervention for expanding demand, thus engulfing world capitalism, in a protected crisis. Overcoming this crisis requires transcending the hegemony of globalized finance, which will be the first step towards a transcendence of capitalism itself.

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