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Accumulation and Stability under Capitalism

Author

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  • Patnaik, Prabhat

    (Jawaharlal Nehru University)

Abstract

Prabhat Patnaik's starting point is the fundamental question of how we can explain the resilience and durability of capitalist economies - after all, the writings of most of the giants among economists have been permeated by a sense of the transitoriness of capitalism. His argument is that the existence of a periphery of less developed countries provides a buffer that allows (relatively) crisis-free and non-inflationary growth in the capitalist core. The analysis unifies two fields that are normally separate: models of growth and stabilization policy in advanced economies and the economics of open developing economies. Consequently, Patnaik embraces both a thorough analysis of modern fiscal, monetary, and inflation policy in advanced capitalist economies and the constraints that systematically hinder development in less developed countries. Accumulation and Stability under Capitalism uses macroeconomic principles to solve problems currently addressed with microeconomic tools, establishing macroeconomics as a framework for analysing phenomena as wide-ranging as migration, imperialist systems, technological change, and labour markets. In the tradition of Keynes, Harrod and Domar, Marx, and Kalecki, it offers an alternative path to the choice-theoretic models that have appeared to be the only modern analytical path.

Suggested Citation

  • Patnaik, Prabhat, 1997. "Accumulation and Stability under Capitalism," OUP Catalogue, Oxford University Press, number 9780198288053.
    • Handle: RePEc:oxp:obooks:9780198288053
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    Cited by:

    1. Roy, Satyaki, 2010. "High Non-Wage Employment in India: Revisiting the ‘Paradox’ in Capitalist Development," MPRA Paper 35902, University Library of Munich, Germany, revised Apr 2011.
    2. Soumya Datta & C. Saratchand, 2021. "Kaleckian conflict inflation with endogenous labor supply," Metroeconomica, Wiley Blackwell, vol. 72(2), pages 238-259, May.
    3. C.P. Chandrasekhar, 2012. "Critical Perspectives on the Great Recession," Development and Change, International Institute of Social Studies, vol. 43(2), pages 603-613, March.
    4. Shouvik Chakraborty, 2012. "Is Export Expansion of Manufactured Goods an Escape Route from Terms of Trade Deterioration of Developing Countries?," Journal of South Asian Development, , vol. 7(2), pages 81-108, October.
    5. C.P. Chandrasekhar, 2015. "A Window of Enlightenment? Revisiting Bretton Woods to Reinterpret the History of Hegemony," Development and Change, International Institute of Social Studies, vol. 46(6), pages 1401-1414, November.
    6. Prabhat Patnaik, 2018. "The Legacy of Ashok Mitra," Agrarian South: Journal of Political Economy, Centre for Agrarian Research and Education for South, vol. 7(3), pages 381-393, December.
    7. Prabhat Patnaik, 2019. "Contemporary Capitalism and the World of Work," Agrarian South: Journal of Political Economy, Centre for Agrarian Research and Education for South, vol. 8(1-2), pages 303-316, April.
    8. Chakrabarti, Saumya, 2014. "Agriculture-Industry Relation and the Question of ‘Home Market’: Towards Closing a Century’s Old Debate," Indian Journal of Agricultural Economics, Indian Society of Agricultural Economics, vol. 69(2), pages 1-28.
    9. Azad, Rohit, 2016. "Plurality in Teaching Macroeconomics," MPRA Paper 76340, University Library of Munich, Germany.
    10. Jayati Ghosh, 2019. "A Brave New World, or the Same Old Story with New Characters?," Development and Change, International Institute of Social Studies, vol. 50(2), pages 379-393, March.
    11. D'Costa, Anthony P., 2003. "Uneven and Combined Development: Understanding India's Software Exports," World Development, Elsevier, vol. 31(1), pages 211-226, January.
    12. Shouvik Chakraborty & Prabirjit Sarkar, 2020. "From The Classical Economists To Empiricists: A Review Of The Terms Of Trade Controversy," Journal of Economic Surveys, Wiley Blackwell, vol. 34(5), pages 1111-1133, December.
    13. Azad, Rohit & Bose, Prasenjit & Dasgupta, Zico, 2016. "Financial Globalisation and India: Internal and External Dimensions," MPRA Paper 63874, University Library of Munich, Germany.

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