On Capitalism and Imperialism: A Note Based on Prabhat Patnaik’s Contributions to Economic Theory

Abstract

From his days as a doctoral student, Prabhat Patnaik was convinced that given the structure and spontaneous logic of capitalism, its expansion and relative ‘stability’ could not be understood without incorporating the role of primitive accumulation and imperialism in its development. That quest made clear that without transcending capitalism and the spontaneity that came from its essential structure, it was impossible to ensure a just, egalitarian and sustainable social order. This article draws on a small corpus of his enormous work to highlight a few insights that emerged from his wide-ranging engagement with that critique and search for an alternative. JEL Codes: B14, B24, B51, E11, N10, N20