Accumulation and Stability under Capitalism

Prabhat Patnaik's starting point is the fundamental question of how we can explain the resilience and durability of capitalist economies. His argument is that the existence of open, developing economies provides a buffer that allows (relatively) crisis-free and non-inflationary growth in capitalist economies. He demonstrates this stabilizing role historically and shows that this unequal interdependence generates barriers to growth in less developed countries.