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Prabhat Patnaik

By Prabhat Patnaik All regimes based on class antagonism require a discourse to legitimise class oppression and this discourse in turn requires a vocabulary of its own. The neoliberal regime too has developed its own discourse and vocabulary and a key concept in this vocabulary is “populism”. This concept is given great currency by the […]

The post Capitalists Are Terming Social Welfare Schemes ‘Populist’ To Deny Benefits To Poor first appeared on IPA Newspack.

By Prabhat Patnaik The IMF managing director Kristalina Georgieva has now openly admitted that the year 2023 will witness the slowing down of the world economy to a point where as much as one-third of it will see an actual contraction in gross domestic product. This is because all the three major economic powers in […]

The post Contraction Of GDP In One-Third Of Global Economy In 2023 Is Ominous first appeared on IPA Newspack.

By Prabhat Patnaik India’s current account deficit for the second quarter (July-September) of 2022-23 has reached a massive $36.4 billion which is 4.4 per cent of the gross domestic product, higher than at any time in the last nine years. It is only in October-December 2012 that the absolute level of the current deficit had […]

The post India’s Balance Of Payments Crisis Touches Precarious Level Under Modi Regime first appeared on IPA Newspack.

By Prabhat Patnaik The fact that income and wealth inequalities have increased quite dramatically under the neo-liberal regime is beyond dispute. The empirical work by Piketty’s team bears out the increase in income inequality. They use income tax data to infer about the share of the top 1 per cent of the population of a […]

The post Income And Wealth Inequalities Increase Substantially Under Neoliberal Regimes first appeared on IPA Newspack.

By Prabhat Patnaik There are two defining and portentous features of the current world economic situation. One, which is well discussed, is the world-wide increase in interest rates in response to the pervasive inflationary upsurge; it would indubitably generate recession and unemployment, which, notwithstanding all protestations to the contrary, is the real objective behind it. […]

The post Funds Outflow From Third World Countries Strengthening US Dollar first appeared on IPA Newspack.

By Prabhat Patnaik What is called OPEC+ that is the13 members of the Organisation of Petroleum Exporting Countries (OPEC) together with 11 other petroleum exporting countries led by Russia, decided on October 5 to cut their oil production by 2 million barrels per day, starting from November. The US had been pressing OPEC not to […]

The post OPEC’s Decision To Cut Oil Output Is A Challenge To U.S. Hegemony first appeared on IPA Newspack.

By Prabhat Patnaik The estimates of Gross Domestic Product for the April-June quarter released by the government of   India on August 31 paint a dismal picture of the Indian economy. Since the GDP in real terms (at 2011-12 prices) shows an increase of 13.5 per cent over the first quarter GDP a year ago, and […]

The post Finance Ministry Officials Glossing Over First Quarter GDP Estimates first appeared on IPA Newspack.

By Prabhat Patnaik Economists distinguish between two kinds of inflation: “demand-pull” and “cost-push”. Demand-pull inflation is said to occur when there is excess demand in a situation where supply cannot be augmented, because full capacity output has been reached in one or more crucial sectors. Wartime inflation is a classic example. In India during the […]

The post Inflation Is Being Controlled At The Expense Of Working Class first appeared on IPA Newspack.

By Prabhat Patnaik   The post-colonial state in India had two primary tasks before it: one was to overcome the hegemony of metropolitan capital, so that a development strategy in relative autonomy from imperialism could be pursued; the second was to attack landlordism both to free the agrarian population from its clutches, and to increase […]

The post Decoding Indian Economy’s Journey In The Last Seventy-Five Years first appeared on IPA Newspack.

By Prabhat Patnaik The craftiness of imperialism is boundless. In several countries of the world at present there are neo-fascist governments, propped up by their respective big bourgeoisie (all aligned to globalized capital), and implementing neo-liberal policies with their characteristic ruthlessness; in many other countries, there are neo-fascist outfits attempting to get into power by […]

The post Unemployment In India Today Is Worse Than Any Year Since Independence first appeared on IPA Newspack.

By Prabhat Patnaik Adam Smith and David Ricardo had been haunted by the idea of capitalism ending up in a “stationary state”, by which they meant a stable state of zero growth. Marx used the term “simple reproduction” to describe such a state, where there is no net addition to production capacity and the economy […]

The post Indian Economy Under Narendra Modi Is Heading For A Stationary State first appeared on IPA Newspack.

By Prabhat Patnaik Central banks all over the capitalist world are raising, or are about to raise, interest rates as a means of countering the currently rampant inflation, which is certain to push a world economy that is barely recovering from the effect of the pandemic, back towards stagnation and greater unemployment. Of course the […]

The post Neo-Liberal Economic Agenda Can Never Tackle Inflationary Pressures first appeared on IPA Newspack.

By Prabhat Patnaik For over two years now, the world has been facing a pandemic the like of which has not been seen for a century, and which has already taken 15 million lives according to the WHO, without being anywhere near an end. This is an unprecedented crisis for humanity as a whole, which […]

The post Two Years Of Pandemic Have Shown The Inhumanity Of Capitalist Path first appeared on IPA Newspack.

By Prabhat Patnaik So much has been written on the Sri Lankan economic crisis that the facts are by now quite well-known the massive build up of external debt; the huge Value Added Tax concessions that pushed up the fiscal deficit and made the government borrow abroad even to spend domestically; the decline in foreign […]

The post There Are Many Lessons To Learn From Sri Lanka’s Economic Crisis first appeared on IPA Newspack.

By Prabhat Patnaik In the five days ending March 26, petrol and diesel prices in the country had been hiked four times, with more such daily hikes in the offing. On each occasion the hike had been by 80 paise per litre, so that the total increase during the week had been Rs 3.20 per […]

The post Centre Has To Opt For Alternative Pricing Mechanism For Petro-Products first appeared on IPA Newspack.

By Prabhat Patnaik The juggling which US imperialism has to do to maintain its hegemony becomes more bizarre by the day. First, it kept needling Russia (“provoking the bear”) “on behalf of the western alliance” by expanding NATO to its very borders, knowing full well that Ukraine’s joining NATO would be totally unacceptable to Russia. […]

The post The Bizarre Case Of United States Imposing Sanctions Against Russia first appeared on IPA Newspack.

By Prabhat Patnaik The security concerns of Russia arising from Ukraine’s intentions of joining NATO have been widely discussed in the media. But the IMF’s link with Ukraine which is a parallel issue has scarcely received much attention. The IMF, as is well-known, “opens up” economies around the world for the penetration of metropolitan capital […]

The post International Monetary Fund Played A Crucial Role In Precipitating Ukraine War first appeared on IPA Newspack.