Utsa Patnaik

“Protectionism, such as what U.S. president Donald Trump was attempting, amounts in effect under these circumstances (that is, in the absence of any significant expansion of state expenditure financed either by a fiscal deficit or by taxes on capitalists) to an export of unemployment to other countries. It can work only if the other countries do not retaliate.

If they do, then it gives rise to a competitive “beggar-thy-neighbor” policy that only worsens the crisis by creating further uncertainties and reducing investments further.”
― Utsa Patnaik, Capital and Imperialism: Theory, History, and the Present

“Yet history tells us that a deep financial and economic crisis has never occurred without a prior agrarian crisis, which tends to last even after the financial crisis abates. Consider the great depression of the inter-war period: it started not in 1929 as the conventional dating would have it, but years earlier from 1924–25 when global primary product prices started steadily falling. The reasons for this, in turn, were tied up with the dislocation of production in the belligerent countries during the war of inter-imperialist rivalry, the First World War of 1914–18. With the sharp decline in agricultural output in war-torn Europe there was expansion in agricultural output elsewhere which, with European recovery after the war, meant over-production relative to the lagging growth of mass incomes and of demand in the countries concerned. The downward pressure on global agricultural prices was so severe and prolonged that it led to the trade balances of major producing countries going into the red.”
― Utsa Patnaik, The Agrarian Question in the Neoliberal Era: Primitive Accumulation and the Peasantry