"Video of Joseph Stiglitz and Prabhat Patnaik discussing "An Emergent India: Prospects and Problems" 13 Feb 2007"

“Just as in the 1930s, world capitalism, as it had existed until then, had reached a dead-end, and the need for it to be altered for the sake of preserving the system itself, was emphasised by many perceptive bourgeois thinkers, exactly in a similar manner contemporary world capitalism too has reached a dead-end and cannot continue as before. Any change in capitalism, however, including a revival of the so-called "" of the period, will entail a loosening of the hegemony of international and hence will face stiff opposition from it. The fact that the need for such change is clear to bourgeois thinkers, does not mean that finance capital will simply voluntarily make a sacrifice of the hegemony it currently enjoys. Indeed the history of the 1930s itself bears witness to this fact. Boosting for overcoming mass unemployment finally got accepted as government policy only after the war when the weight of the working class in the advanced countries became much greater than before , and when the came right up to the very doorsteps of creating fears of a “communist takeover”. This conjuncture finally forced concessions from finance capital that had been unobtainable till then. Finance capital, in other words, does not voluntarily make concessions even when such concessions are seen by major pro-capitalist thinkers as being essential for the preservation of the system itself.”

“The abrogation of labour laws in-ruled states is meant to make the more insecure rather than less. Some officers were punished recently for even suggesting that higher taxes should be collected from the rich. In short, the Modi government in its mindlessness is still picking up the intellectual crumbs that had fallen from the of the metropolitan establishment “four decades” ago, without realising that the world has moved on.”

“The ruling formation in India, however, is totally oblivious of the world conjuncture. The dead-end of neo-liberalism, which is visible to even bourgeois thinkers in the metropolis, is invisible to our brigade. Not only is the Modi government still wedded to the neo-liberal agenda in general, but it has not even deviated from this agenda in the midst of the acute humanitarian crisis unleashed by the pandemic and its own mindless response to it.”

“Audio of Prabhat Patnaik on "The State under neo-liberalism" 30 October 2006”

“It is real-life class struggle, informed no doubt by ideas, that ultimately determines which way the world will move. Hence even for altering contemporary capitalism in the direction of the so-called “welfare capitalism” of yore, it would be essential to have the working class fighting for such an agenda. But when it does so, and when international finance capital resists such an agenda, we would be in the thick of class struggle. Time alone will tell whether this struggle would remain merely at the level of achieving a revival of “welfare capitalism” or whether it would go beyond capitalism altogether towards a socialist alternative. Once class struggle, for changing the system in its present form, acquires momentum, its outcome would depend on praxis and may not necessarily remain bounded within the system itself.”

“Audio of Prabhat Patnaik's lecture on "The Global Economic Crisis" 2 December 2008”