Capitalism in Asia at the End of the Millennium

Authors

  • Prabhat Patnaik

DOI:

https://doi.org/10.14452/MR-051-03-1999-07_4

Keywords:

Political Economy

Abstract

Two propositions dominated the Marxist perspective in most Asian countries during the period immediately following the Second World War. First, capitalism had entered the period of its "general crisis." While not reducible to narrowly economic terms, this implied that economic progress would henceforth be stymied. Second, the kind of diffusion of industrial capitalism that had occurred from Britain to Europe, and then in the United States and other temperate regions of white settlement in the period leading up to the First World War, could not be expected to occur in the third world as well. It followed from these two propositions that the development of the Asian countries required their transition, through stages of democratic revolution, to socialism, and that the course of this transition would be made smoother when their proletarian comrades from the advanced countries marched to socialism as well, as they eventually would.

Published

1999-07-04

Issue

Section

Articles