Accumulation and Stability Under Capitalism

by Prabhat Patnaik

Patnaik's starting point is the fundamental question of how we can explain the resilience and durability of capitalist economies. He argues 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. His analysis unifies two fields that are normally separate: models of growth and stabilization policy in advan ced economies and the economics of open, developing economies.

Genres: Nonfiction, Economics

330 pages, Hardcover

First published January 1, 1997

About the author

Prabhat Patnaik is an Indian Marxist economist and political commentator. He taught at the Centre for Economic Studies and Planning in the School of Social Sciences at Jawaharlal Nehru University in New Delhi, from 1974 until his retirement in 2010. He was the vice-chairman of Kerala State Planning Board from June 2006 to May 2011.

Patnaik joined the Faculty of Economics and Politics of the University of Cambridge, UK in 1969 and was elected a fellow of Clare College, Cambridge. In 1974 he returned to India as an associate professor at the newly established Centre for Economic Studies and Planning (CESP) at the Jawaharlal Nehru University (JNU), New Delhi. He became a professor at the Centre in 1983 and taught there till his retirement in 2010. At the time of retirement, he held the Sukhamoy Chakravarty Chair in Planning and Development at CESP.