The book also looks at the International Monetary
System, in particular, the post-Bretton Woods
arrangement. It argues that this arrangement
does not entail a break with commodity money
at the global level despite not being linked
to gold. It characterises this arrangement as
the ‘oil-dollar standard’ and explores
some of the political implications of such a
characterisation. Theory, especially monetary
theory forms the main focus of this book.
About the Author
Prabhat Patnaik is Professor of Economics at
the Centre for Economic Studies and Planning,
Jawaharlal Nehru University, New Delhi and is
currently Vice-Chairman of the State Planning
Board, Government of Kerala. He is the author
Of Time, Inflation and Growth (1998), Economics
and Egalitarianism (1991), Whatever Happened
to Imperialism and other essays (1995), Accumulation
and Stability under Capitalism (1997), and has
edited Lenin and Imperialism: An Appraisal of
Theories and Contemporary Reality (1986) and
Macroeconomics (1995).
Contents
Preface
Introduction: The Argument and Its Setting
Chapter 1: The Great Divide in Economics
PART I: THE INFIRMITY
OF MONETARISM
Chapter 2
The Monetarist Theory
Chapter 3
Equilibrium and Historical Time: Inherited Payment
Commitments
Chapter 4
The Modus Operandi of Monetarist Theory
Chapter 5
The Cash-Transactions Approach to Monetarism
Chapter 6
An Excursus on Rational Expectation Equilibria
Chapter 7
An Excursus on Methodological Individualism
Chapter 8
An Excursus on Walrasian Equilibrium and Capitalist
Production
PART II: THE SUPERIORITY
OF PROPERTYISM
Chapter 9
A Critique of Ricardo’s Theory of Money
Chapter 10
Marx on the Value of Money
Chapter 11
An Excursus on Marx’s Theory of Value
Chapter 12
Marx’s Solution to a Dilemma
Chapter 13
Alternative Interpretations of Keynes
Chapter 14
A Digression on a Keynesian Dilemma
Chapter 15
Marx, Keynes and Propertyism
PART III: THE INCOMPLETENESS
OF PROPERTYISM
Chapter 16
The Incompleteness of Propertyism
Chapter 17
A Solution to the Incompleteness
Chapter 18
Capitalism as a Mode of Production
Chapter 19
Money in the World Economy
Chapter 20
Capitalism and Imperialism
Appendix: Factors Underlying Secular Movements
in the Terms of Trade
Bibliography
Index
November 10, 2008..
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