This is one of the most important books I've read this year. I've been researching and writing about capitalism and imperialism for my whole career, and I learned something from every page. It's a must-read for anyone who wants to understand the world economy.
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The Patnaiks argue that capital accumulation in the global North *requires* an imperialist arrangement with the global South, not as a bug but as a feature. This helps explain several turns in global economic history that economists have otherwise struggled to understand.
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The book also includes a chapter that updates Utsa Patnaik's research on the British colonial drain from India, which I had reported on here. New data puts the total figure at $66 trillion. aljazeera.com/opinions/2018/…

How Britain stole $45 trillion from India

And lied about it.

aljazeera.com

Oct 28, 2021 · 8:57 AM UTC

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At the end they provide concrete strategies for decolonization and economic sovereignty, reviving Samir Amin's ideas for how the South can "de-link" from exploitative arrangements of trade and finance with the North.
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The Patnaiks are some of the most powerful and compelling thinkers in this space and they deserve significantly more attention in Western academia and progressive social movements.
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By the way, the image on the front cover is of a train carrying grain appropriated from Indian farmers, for use by British colonizers. Children poke through holes, trying to pierce the bags and pull grain down.
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Replying to @jasonhickel
how did this figure leap to $66 trillion? What accounts for that extra $21 trillion and how was it overlooked before?
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Replying to @jasonhickel
Thank you for writing this! Reminds me of Andreas Malms work. Can I ask if the first world war impacted the life expectancy drop you mention from 1870-1920? Either way, doesn't change your overall point, seeing as tens of thousands died in someone else's war.
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Replying to @jasonhickel
No, Jason, there is no 'new data'. Instead the magic of compound interest ensured the fantastical figure continues on its inexorable rise to infinity. You can read more about why Patnaik is wrong in my article here: quadrant.org.au/magazine/202…
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Replying to @jasonhickel
That’s a lot of money 💰
Replying to @jasonhickel
Staggering..and still doesn't include The Kohinoor and other Crown Jewels.
Replying to @jasonhickel
I’m no expert in the Raj but none of it seems surprising to me. That’s what colonial power, and maybe all government, is about. Some of us still live in colonial power. Get stolen 10% GDP each year.
Replying to @jasonhickel
Europe mentally back on days! We discover you, we developed you and we take all the value as much as I can, till your own people wake up. History repeat today is the same just different names, different strategies.