Imperialism then and now: [2] Drain of wealth, depression, the role of the State and globalization
Channel: GPEnewsdocs 
Date: 18/08/2021

SERIES LINK: https://gpenewsdocs.com/prabhat-patnaik-on-the-intrinsic-relationship-between-capitalism-and-imperialism-series-link-3-segments-to-a-conversation-with-co-author-of-capital-and-imperialism/ Prabhat Patnaik explains how the colonial system led to depression. Then,  in advanced countries governments stepped in to increase demand and productivity, but how unless the periphery is available for extraction of wealth and cheap provision of inputs the system would collapse. So, the Global South was absorbed by a globalization process where finance becomes predominant, income deflation is widespread and governments everywhere are turned into the servants of financialization.

"Imperialism which existed in the colonial era persists to this day and the system cannot do without it". In a 3 Part series, Prabhat Patnaik discusses his read on the history of capitalism from colonialism into the present. As per Chapter 6 (Periods in Capitalism) of Capital & Imperialism: "The periodization we follow is: (1) Colonialism prior to the First World War; (2) the interwar years; (3) the post-Second World War years and the 'Golden Age of Capitalism'; (4) the era of globalization; and (5) the current conjuncture, which marks the dead end of globalization."