Prabhat Patnaik

“Imperialism as an arrangement, however, has remained largely invisible to the discipline of economics, even to its best practitioners and even in the colonial period. No less a person than John Maynard Keynes, in his classic work The Economic Consequences of the Peace (1919), where he talks of the ‘economic Eldorado’ that prewar Europe represented, fails to mention that this Eldorado rested upon an elaborate framework of imperialism. Europe’s accessing of food from the ‘new world’, an important aspect of this Eldorado, would not have been possible if this food had not been paid for, through an intricate arrangement, by Britain’s appropriation gratis of a part of the surplus of its colonies and semi-colonies (‘drain of wealth’), and by its export of manufactured goods to its colonies and semi-colonies at the expense of their local producers (‘de-industrialization’).”
― Prabhat Patnaik, The Veins of the South Are Still Open: Debates Around the Imperialism of Our Time

“In contemporary capitalism, in contrast to the colonial period, the enforcement of neoliberal policies is the chief means of imposing income deflation on the working people of the periphery.”
― Prabhat Patnaik, The Veins of the South Are Still Open: Debates Around the Imperialism of Our Time