Imperialism in the Era of Globalization

Authors

  • Utsa Patnaik
  • Prabhat Patnaik

DOI:

https://doi.org/10.14452/MR-067-03-2015-07_5

Keywords:

Imperialism, Labor

Abstract

Capitalism is preeminently a money-using system where a large part of wealth is held either in the form of money or as money-denominated assets, namely financial assets. For the system to work, it is essential that the value of money should not keep declining against commodities; otherwise people would move away from holding money, and it would cease to be not just a form of wealth, but even a medium of circulation.… Hence, capitalism seeks to ensure the stability of the value of money in a number of ways. One is the maintenance of a vast reserve army of labor, not just within the metropolis but also in the third world.

Published

2015-07-05

Issue

Section

Articles