Accumulation and Stability under Capitalism

Hardcover | February 1, 1997

byPrabhat Patnaik

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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 thatthe 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 theeconomics 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.

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From the Publisher

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 thatthe existence of a periphery of less developed...

From the Jacket

The purpose of this book is to provide an altogether different view of the functioning and resilience of the capitalist system. Its 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 f...

Prabhat Patnaik is at Jawaharlal Nehru University.

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Format:HardcoverDimensions:330 pages, 8.5 × 5.43 × 0.94 inPublished:February 1, 1997Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0198288050

ISBN - 13:9780198288053

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