by Prabhat Patnaik
August 3, 2010
There is a very pervasive view that the current capitalist crisis consists exclusively of the financial crisis and, in so far as the financial crisis is now over, the crisis as a whole is over. This, I believe, is erroneous, and this is because, like Bob Brenner, I also believe that the current financial crisis itself is embedded within a deeper structural crisis of capitalism. This structural crisis has no signs of getting over, and as a result what we are going to see now is in fact a fairly protracted crisis, a crisis which one would be quite justified even in calling an impasse as far as capitalism is concerned at this moment. But before that let me try and develop a few things.
Prabhat Patnaik, Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi. This lecture was delivered at the panel on “Derivatives & the Capitalist Crisis: What’s New?” at the Rethinking Capitalism conference held at the University of California, Santa Cruz, on 8 April 2010. The text above is an edited partial transcript of the lecture.