As finance capital becomes multinational, it begins to exercise enormous influence on individual countries, by its capacity to shift away from a country that refuses to subordinate itself to its demands. As a result of the concessions it is able thus to extract, for example, free trade, withdrawal of welfare subsides, tax concessions to the rich, labour ‘reform’, and so on., inequalities have grown as real income of the working (and workless) populations decline, while profits rise. ‘Crisis’ in this situation becomes a normal phenomenon.
BaranP. A. and SweezyP. M.Monopoly Capital, New York, 1966.
2.
KeynesJ. M.The Economic Consequences of the Peace, New York, 1919.
3.
KeynesJ. M.‘National Self-Sufficiency’, The Yale Review,22(4), 1933, pp. 755–69.
4.
KeynesJ. M.The General Theory of Employment, Interest and Money, London, 1949.
5.
LewisW. A. (1978). Evolution of the International Economic Order, Princeton, 1978.
6.
MarxK.The Poverty of Philosophy in Collected Works, Vol. 6, Moscow, 1976.
7.
PatnaikP.‘A Marxist Perspective on the World Economy’ in Re-Envisioning Socialism, Delhi, 2011a, pp. 259–71.
8.
PatnaikP.‘The Economics of the New Phase of Imperialism’, in Re-envisioning Socialism, Delhi, 2011b, pp. 85–98.
9.
PatnaikP.‘Imperialism: A View from the South’ in A Journey of Ideas Across: In Dialogue with Edward Said,2014. Available at www.hkw.de (accessed on 1November2013).
10.
PatnaikU.The Republic of Hunger,Delhi, 2008.
11.
PatnaikU.‘The “Agricultural Revolution in England”: Its Cost for the English Working Class and the Colonies’ in MoosviShireen, ed., Capitalism, Colonialism and Globalization, New Delhi, 2011, pp. 17–27.
12.
RobinsonJ.‘Introduction’ to Rosa Luxemburg’sAccumulation of Capital (translation), London, 1963.
