Globalisation and the impasse of capitalism: Harold Wolpe memorial lecture 2016

The annual Harold Wolpe Memorial Lecture will be presented by Professor Prabhat Patnaik, renowned Indian Economist and Political Commentator.

In this lecture, Patnaik will explore issues of income distribution in the world economy. He argues that the current globalisation, whose hallmark is the globalisation of finance, generates a problem of aggregate demand.

However, state intervention in demand management to head off stagnation as proposed by Keynes, is circumscribed under the current global regime.

He argues that nation states needs to intervene to manage aggregate demand. But this is only possible if nations delink from globalisation, something that the Left has failed to grasp because it has not come to understand the impasse that capitalism has run into.

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