Letters from Tomis

Patnaik, U., & Patnaik, P. (2021). Capital and Imperialism: Theory, history, and the present. Monthly Review Press.

Capital and Imperialism: Theory, History, and the Present by Utsa Patnaik and Prabhat Patnaik is a groundbreaking work that provides a comprehensive and incisive analysis of global capitalism and its historical foundations in imperialism. The authors, both renowned economists, weave together historical evidence, theoretical insights, and contemporary developments to shed light on the enduring mechanisms of exploitation that underpin global economic inequalities.

One of the standout strengths of this book is its accessibility despite the depth of its scholarship. The Patnaiks demystify complex economic concepts, making them comprehensible for readers outside the field of economics. Their lucid writing style and clear arguments make the book a valuable resource for both seasoned academics and those new to the study of global political economy.

The book’s central argument—that capitalism and imperialism are intrinsically linked—is both compelling and timely. By tracing the historical evolution of imperialism from the colonial era to the present-day global economic order, the authors reveal how wealth continues to be extracted from the Global South to sustain the prosperity of the Global North. Their analysis challenges conventional economic narratives and highlights the structural inequalities embedded in the global system.

What makes Capital and Imperialism particularly impactful is its relevance to contemporary issues such as climate change, debt crises, and the resurgence of protectionist policies. The Patnaiks demonstrate how these challenges are not isolated phenomena but are deeply rooted in the logic of global capitalism. Their critique is not merely diagnostic but also prescriptive, offering insights into potential pathways for creating a more equitable world order.

Overall, Capital and Imperialism is a tour de force that combines rigorous scholarship with a moral imperative for justice. It is an essential read for anyone seeking to understand the economic and political dynamics shaping our world today. By exposing the continuities between historical imperialism and contemporary globalization, the book equips readers with the analytical tools to question and confront the inequalities of the present. I highly recommend it!