Imperialism which existed in the colonial era persists to this day and the system cannot do without it. In a 3 Part series, Prabhat Patnaik discusses his read on the history of capitalism from colonialism into the present. Prabhat Patnaik reviews the connection between imperialism and capitalism through history to stress that by necessity of the accumulation of wealth, somewhere demand has to be suppressed to provide cheap inputs to ‘the markets’. The colonialist relation is retained to the present, with changing subjects.
In a 3 Part series, Prabhat Patnaik discusses his read on the history of capitalism from colonialism into the present. Prabhat Patnaik shows that as capital is relocated, real wages do not rise, inequality widens, and global demand is suppressed. The system remains in protracted crisis, Keynesianism in the North alone is no solution. The struggle is everywhere.
Imperialism which existed in the colonial era persists to this day and the system cannot do without it. In a 3 Part series, Prabhat Patnaik discusses his read on the history of capitalism from colonialism into the present. Prabhat Patnaik explains how the colonial system led to depression. Then, in advanced countries governments stepped in to increase demand and productivity, but how unless the periphery is available for extraction of wealth and cheap provision of inputs the system would collapse. So, the Global South was absorbed by a globalization process where finance becomes predominant, income deflation is widespread and governments everywhere are turned into the servants of financialization.
Mega-corporations are all set to walk away with the keys to global governance of food and agriculture at the UN Food Systems Summit later this year. Pat Mooney talks about what is at stake and The Long Food Movement counter strategy.
For sustainable recovery from the COVID-19 global economic shock, it’s imperative to break from policy choices that produce a concentration of economic power and wealth in a limited section of the economy but old habits, die hard warns UNCTAD’s Richard Kozul-Wright.
Corporations have stepped beyond lobbying governments. They are integrating in policy making at the national and international levels. Decisions historically taken by governments are increasingly taken by secretive unaccountable bodies run by corporations says Nick Buxton describing The Great Corporate Takeover mapped by peoples movements and scholars.
Intellectual property like pharmaceutical patents is one reason so many people face a long wait for COVID-19 vaccines says Dean Baker. GPEnewsdocs
Allied with landlords and monopolists, the finance sector is extracting economic rents from the economy that’s impoverishing US government, industry and labor says Michael Hudson discussing the chokehold of pro-finance, pro-rentier capitalism reaching into the present COVID-19 crisis.
The governments of India and South-Africa backed by about 100 countries and counting are calling for a waiver on patents over COVID-19 related medicines and equipment. Headquarter countries of Big Pharma are opposing it. The debate is going on at the WTO and will be decided soon.
Peter Drahos’ Survival Governance: Energy and Climate in the Chinese Century shows why US corporate-centric strategies, from shale production to carbon capture are a failure. A radically different model has to be embraced.
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