Capital and Imperialism

This insightful work, Capital and Imperialism, critiques capitalism's dependence on imperialism and its historical exploitation of marginalized communities, revealing its unsustainable nature.

In Capital and Imperialism, authors Utsa Patnaik and Prabhat Patnaik challenge the conventional wisdom surrounding capitalism, asserting that it is not a self-sustaining system as often claimed by mainstream economists. Instead, they argue that capitalism has always depended on the exploitation of land, resources, and labor from noncapitalist societies. The book begins with a critical examination of mainstream economic theories, revealing their shortcomings and the historical context in which they developed.

The authors trace capitalism's evolution from the era of colonialism to the present-day neoliberal frameworks. They argue that capitalism's growth has been intertwined with imperialism, which has led to the systematic impoverishment of millions, particularly in the Global South. Despite the formal end of slavery and colonial rule, the authors contend that the mechanisms of exploitation have persisted, manifesting in the form of austerity measures and economic policies that prioritize profit over people.

As Capital and Imperialism unfolds, the Patnaiks provide a sobering analysis of the current neoliberal economy, suggesting that its reliance on speculative bubbles is unsustainable. They posit that we are witnessing the early signs of capitalism's decline, paving the way for a potential transformation in global economic structures. This book is a crucial read for anyone seeking to understand the complex relationship between capitalism and imperialism throughout history.