Articles by Utsa Patnaik and Prabhat Patnaik

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Capital and Imperialism: Theory, History, and the Present
Utsa Patnaik and Prabhat Patnaik | Montly Review - TRANSCEND Media Service, 1 Mar 2021

February 2021 – Those who control the world’s commanding economic heights, buttressed by the theories of mainstream economists, presume that capitalism is a self-contained and self-generating system. Nothing could be further from the truth.

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The Drain of Wealth: Colonialism before the First World War
Utsa Patnaik and Prabhat Patnaik | Monthly Review - TRANSCEND Media Service, 15 Feb 2021

1 Feb 2021 – The Western European powers appropriated economic surplus from their colonies and this aided their own industrial transition and the diffusion of capitalism to the regions of new European settlement. In the literature on economic growth, however, we find little awareness of the existence of such transfers, let alone their sheer scale. How a substantial part of India’s earnings was appropriated by Britain.

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