Why Capitalism Needs Imperialism To Drain Wealth From the Global South, w/ Economist Utsa Patnaik
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- Опубліковано 3 чер 2024
- Why does capitalism need imperialism? What is the magnitude of colonial and imperial theft of resources from the Global South? How did global capitalism adapt after World War II and in the neoliberal era? And how is it fueling neofascist movements today?
Rania Khalek was joined by renowned Marxist Economist Utsa Patnaik. She is co-author of "A Theory of Imperialism" and the more recent "Capital and Imperialism: Theory, History, and the Present," with Prabhat Patnaik.
Listen to every episode of Rania Khalek Dispatches anywhere you get podcasts.
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TIME CODES
0:00 Intro
1:00 Why Marxism is important to understanding imperialism
2:41 How much wealth was stolen by colonial powers from the Global South?
7:29 What to look at to quantify colonial transfers of wealth
9:50 Effects of British colonial drain on India, then and now
11:23 Why we don’t understand mechanisms of colonial drain
13:26 Why the Global North stole from the Global South
17:04 Oil in West Asia as primary product the Global North needs
19:35 The Global South is NOT poor!
22:32 Why did the Global North have to subjugate the Global South?
25:21 Magnitude of colonial transfers from India to England, 1700s
33:42 The industrialization of the Global North deindustrialized the Global South
39:21 The slave trade & indigenous land theft
42:24 The Global South does not need trade from the Global North
52:15 After 1857 mechanism of British colonial drain changes
58:19 How the budgetary revenues were used by colonial powers
1:03:08 British colonialism drained $64 trillion from India!
1:06:03 From colonialism to imperialism and The rise of neoliberalism
1:23:37 Capitalism caused food insecurity and farmer’s protests in India
1:28:52 Connection between neoliberalism & neofascism
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"The third world is not poor. You don't go to poor countries to make money. Most countries are rich. Only the people are poor. Ordinary people pay the costs of empire. These countries are not underdeveloped, they are over exploited." Michael Parenti
Very very true and well captured.
One point I will contend is there is a dialectic between under development and over exploitation. For me, global south is both overexploited and underdeveloped precisely to justify the overexploitation
I see a Parenti quote, I need to upvote.
@@alooshselably2883 I have seen Parenti's speeches. My analysis is both paradigms of underdevelopment and over exploitation can and are true and the reasons are as I stated above. I can't accept something just because Parenti said so.
Michael Parenti, the human the free thinker, is he the Italian??
One of the best breakdowns of imperialism I’ve heard.
This is a master class in the no-BS history of Capitalism. Well done, BT.
I agree but We prob need a master class in the b.s./wild body count of Marxism 2 for desert.
No it’s not. This is opinion.
Imperialism has nothing to do with Capitalism. It’s man that is doing it.
Marxism has tried to dominate in the world too. They just couldn’t.
With such a fantastic professor, wonderful!
The Spiders Web is an excellent documentary about the continuation of the British Empire through the Banking System and Tax Havens.
Listening to Utsa is like a crash course that gives you the overall big picture of why things are the way they are. You don't get this in 99% of the education system. Great interview.
You also get an incorrect Marxist worldview. Imperialism has nothing to do with Capitalism.
@LibertyGoose Read Lenin. Imperialism:The Highest Stage of Capitalism. Or this from Communist Manifesto: "The need of a constantly expanding market for its products chases the bourgeoisie over the entire surface of the globe. It must nestle everywhere, settle everywhere, establish connexions everywhere."
@@LibertyGoose You negate but do nothing to support your view. Why?
Except for the title of Lenin's book, "Imperialism: The Highest Stage of Capitalism. @@LibertyGoose
GREAT MY STAR LADIE YOU'RE IN GOOD GRACE BLESSINGS TO YOU IN GOOD TIME,
Utsa Patnaik, I'm a big fan!
Rania Khalek, love the work youre doing!
Can we find a transcript of this interview? Rania is an excellent host, letting Dr. Utsa speak uninterrupted so we all can benefit in the brilliance of this accomplished Indian Marxist!
unlike China the talents of India still choose to work for the West instead of going back to their country to contribute.Maybe this is the reason why India is still lagging behind China despite having a good headstart. Sadly India is still in some ways a colony of the west.
It’s neo-liberal indoctrination that most of us have been subjected to. China’s model is the way forward. I’m African. Think about the progress India and Africa could make if we had leaders with integrity who could unify us.
When is the last time you've been to Silicon Valley or the San Francisco Bay area? I think you would change your opinion very quickly.
@@sjoncb America is an empire. You really think a developing country is going to be able to achieve anything by looking at America's model? Please go back and listen to the video instead of just commenting.
Absolutely right. And this is partly because the Indians still exhuberate a colonised mindset and willingly roll over in admiration of all things 'white' and 'western', especially all things Americans, and in the process allow themselves to get shafted, unlike the Chinese who are not afraid to stand up for themselves and show more dignity and self confidence in their culture and values.
@@sjoncb you mean homelss hut carnaval? Lol you're delusional
Thank you, Rania for introducing Utsa! An intelligent and clear and knowledgeable speaker!
This is is like a great summary lecture on this subject. Impossible to overstate the value of the work of the Patnaiks. Great show!
I've never heard of Utsa ! She has such an ability to clearly express her knowledge and thought. This was such a pleasure, and such an education. Thank you Rania, you continually feed me hope ! Much love.
Of course you never heard about it. History is written by the winner. Would the winner want all their skeletons in the closet be Promoted history?
@@weiskl887 As global north colonizers hide the history of the exploitation as claimed by this lady, she is also hiding the true history of exploitation by feudal lords, caste system, Brahmin and Baniya Gujarati business communities who were complicit in exploitation of native poor Indians of lower castes who were the working and wealth producing class.
She belongs to the same caste of Rabindranath Tagore as mentioned in this video. Do watch it.
ua-cam.com/video/ZC7BLWwnhm4/v-deo.html
@@user-gk6qz2cm8f She admits to it, although that is not her area of expertise and you are right she does not elaborate on it. One thing is clear that the feudal lords and upper castes were complicit in this exploitation, but they were not the main drivers.
She is very impressive in her communication skills and depth of knowlege.
@@induslove the "mandarins" installed in older "crusadian" adventures...
58:00 , rare analysis of how colonial India's budgetary revenue was controlled by British something which all liberal economists ignore , and finding that fallacy in Ricardo's argument was a brilliant too . Utsa ma'am rocks !
Nothing changed. They still want everything for nothing.
Capitalism = plunderism
The mechanism today is the IMF and World Bank
@@idilhussein-ui5bd and how does that work by giving out aid or loans on high interest
SFR Yugoslavia had a foreign debt of 16% of it's GDP when IMF kwam and requested, and got them, economic measures that started and fueled the process of next ten years that brought SFR Yugoslavia to bloody nationalistic civil war, destroying all industry and with sanctions also energy poverty in its eastern parts, and, underway, exchanging socialism with most primitive kind of colonial capitalism without even asking people if they agree with it.
Danke Deutschland.
Rania thanks for bringing amazing not just intellectuals but human thinkers with morality . Brilliant dialogue
I'm so glad you've interviewed Utsa and Prabhat Patnaik. They are two of the most underrated economists.
Hey 👋 you're essay Anti-Stalinism is Left-Wing Racism is great! Any idea if there will be a 3rd part ?
@@inquilabi2811 after my PhD
Thank you Rania Khalek for this gem of an interview. Thank you Utsa Patnaik for your patient revolutionary work.
Thank you for a great lecture that I didn’t learn in college.
You won’t learn this in college. Most universities are about indoctrinating young, bright people to become neo-liberals.
Great insights on what damage colonialism and imperialism can do in this world.
This podcast is the best-kept secret of political commentary and substantive content about western empires. Great work, thank you!
I've always said that these world financial bodies do not serve the interests of developing countries. Also the UN, WHO, UNESCO. Can't we move away from these institutions. They don't serve our interests at all. Like in my country unemployment is so huge that people are blaming the government rather the problem is coming from outside
Thank you Rania for inviting this brilliant scholar, keep up the good work and hope that your channel get more exposure.
Such a brilliant exposition of the economics of colonial India and the impact it has on the present. One thing I don't understand is why India is still allying herself with countries that historically oppressed her.
@jeffo 18, there is Another indian Proffessor She is also very outspoken concerning Environment, I think she is A Professor of Physics. I like her very much too. Just like this lady speaking concerning Economics, looting of the global South, Enslaving Black, Brown Red, and Yellow race People. Grotesgue Evil System of Capitalism, and the imperialist tactics.
The leadership of India for starters. And the fact that the only social media is Facebook and Twitter. Which are monitored by the CIA and RAW (Indian Intelligence) plus US control etc
If India is strategically not with western powers, our plight will become Libya, Iraq, Syria and Afghanistan.
Right now Rishi Sunak, a Hindu is ruling UK. We believe in Karma
India believes in a Higher Power that would NOT approve of man taking it upon themselves to destroy people. "Do unto others as you would have them do unto you", AMEN
This is a similar mechanism to how the dollar works as the world's reserve currency. Anything denominated in dollars can be exchanged for a piece of paper that has claim on the food, resources and labor of the earth globally, endowing the Americans with the sole ability to print this currency in the enviable position of administering this financial empire
Rania you are an angel, you have opened our eyes to what is, and has happened to the global south. I hope more and more people get enlightened by your wonderful hosts. Thanks.
This is an eye opener, to say the least. I am used to some of the ideas, but not to this extent. Exquisitely put, totally absorbable. Thank you.
She is like an encyclopedia, except more accurate! You don't need to ask her any questions just get her started with a subject for the discussion and she could tell you all you need to know about the European and the American hegemonies and exploits in Asia, Africa, South America, North America, and all of the islands throughout the entire world!
Lol, let's just ignore the fact her claims have been heavily rejected by reputable scholars; even Tirthankar Roy did an entire paper discrediting her claims.
@@paulwilliams561:: Economic "scholars" who are not only apologists for an oppressive financial system from which they have benefited ... their new jobs become one of discrediting the non-apologists. There is no respect or admiration for a genuine economic history. When they come forward with the true economic climate of the world's financial history, the vanguardians of the system, double-down the hammer of the economic double-whammy.
Tirthankar Roy's historical economic gymnastics of rewriting economic history, must have been a winning Gold Medal.
@@cliffgaitherlol, you dimwit, it wasn't just economic scholars who refuted her claims because they were ludicrous. Thirthakar Roy is an acknowledged authority in the field. When a person is referred to as an apologist, it is not an argument, but rather a disagreement with their points of view. By the way, she is a Marxist economist.
@@cliffgaitherProfessor James S. Donnelly Jr., a historian on the Irish famine, brings this up in his book The Great Irish Famine: "And so strong are popular feelings on these matters in Ireland and especially in Irish-America that a scholar who seeks to rebut or heavily qualify the nationalist charge of genocide is often capable of stirring furious controversy and runs the risk of being labelled an apologist for the British government’s horribly misguided policies during the famine." You are not the voice of truth, just the voice of your opinion that you think is true.
@@cliffgaither However, given that your grammar is below that of a 12-year-old, I am not surprised by how you think. So, why should I be surprised by your thoughts?
excellent analysis exposes the lies of capitalism, the British empire, and their apologists
Thank you, Ms. Utsa Patnaik for this wonderful sharing of history that is untold.
Absolutely incredible interview. Fantastic guest with exactly the right perspective for the multipolar argumentation we are forming.
Rania, you're doing great work! Keep it up!
Great interview and an outstanding and truthful breakdown of the colonial exploitation of the global south and the New World by the European nations, especially Great "Crooked and Murderous" Brittain.
I think I know it already. It is very basic thing. They taught that in elementary school in China, but not as rigorous as this professor research. In Japanese occupied area during WW2, all local industries must make room for Japanese business. It is the same thing in India during British rule as well.
Very inspiring to hear the truth and to learn from someone who had studied Economics in depth. The analysis is so outstanding from an Indigenous of Indian Subcontinent. Hat off Mataji.
Before we created money, we had gratitude, guilt and a story. What story we, the society, told ourselves about the value of different kind of work. +. WE HAD THIVES, those unwilling to feel gratitude, unwilling to feel guilt. Those who told another story, the story of «I have the right to take whats yours». A dollar-bill is only a number, but if you follow the money back to the labour creating value, you find a story. Today, you will often find the story of no gratitude towards the labour, no guilt for using land not owned, no accountability towards society etc.= What you find is what we used to call thieves, but today we call them investors/businessmen.
Among the best videos I've watched on political economy.
What a treat, nearly two hours!
Oh man this whole thing rules, so many angles and examples provided in amazing depth here, thank you Utsa/Rania!
Great interview. One correction: to his credit, the late rebel, david graeber, in his book Debt (2012?) did draw attention to many of the issues raised by Utsa including the poverty of europe & how little it had to offer the east before america was discovered.
Centuries of colonial messaging continue till today. As Fanon said, everything has to be decolonized. Our lands, economies, knowledge, minds, education and we need to create a new human.
Utsa is spot on! What a life of research❤
Fantastic guest.
Thank you! Thank you! Thank you! Professor Utsa Patnaik is a treasure. We don’t get to hear from her enough. Thank you Rania!
Rania, thank you for bringing up untold stories. Your contribution on standing for humanity through your media outlet (Break Through News) has a profound impact. God bless you!!
brilliant interview ! Utsa is extremely knowledgeable and impressive! And you are a wonderful host !
Thanks for introducing new, and much-needed scholars and book titles.
Rania, thank you so much for always hosting discussions on topics and events that are very relevant and of utmost significance to humanity given the changing dynamics of geopolitical events in contemporary world. I have to confess that I am really in love with you and your channel because your well thought questions always incites great and further discussions that bring out the best out of your discussants; you give your duscussants sufficient time without interruption, to discuss and analyse all they can; you know how to mine all the gold in your discussants..😀😆. I wish you all the best, and hope for more sich discussions.
I learned so much from her, thank you for this gem. I wished more Indian thought like her instead of being the guard dogs for Colonialism
This is me just getting back to the show. Beautiful speaker. David.
I LOVE Dispatches. Awesome to have this in depth stuff explaining the world. Great guest.
Thank you for this video. I love how clearly she shows the exploitation.
There is one question that Varoufakis asks in his book, Talking to my Daughter about Capitalism and that is 'why didn't the Australian Aboriginals invade England? The same can be said about China, India, middle east countries, Africa countries and so on, why didn't any of these countries invade England or France or even Germany? Your guest answeres very well, especially about China. Marx in Capital Vol 3 mentions how rich India was. History shames, not the British or French or Dutch, German people but their greedy imperial rulers. Thank you Rania (always a pleasure) and your knowledgeable guest.
Western civilization is called Gog and Magog. Very rapacious and greedy people who will conquer the world and dominate it for a period of 300 years and then start to decline and finally divinely decimated. Look for videos by sheikh imran hossein in UA-cam. You'll get a new dimension to political economy.
Unlike their colonisers, those countries/societies do not need to invade the land of their colonisers because they have all they need locally.
I am going to have to Finnish watching the show, as my reception is getting very fuzzy. Great guest by the way. David
Very enlightening talk. Glad Utsa's around.
Thank you Rania & Utsa. Such an educational interview.
Love the work please keep speaking the truth
Awesome analysis, thank you 🙏
Rhania.. I think you are the worlds best interviewer.. because more than anyone I have watched over the last 10 years you allow ALL of your interviewees to express their expert opinions and expert views... congrats..
from South Australia ... Love your shows... this conversation is economics shaking..
Brilliant guest. Thank you BT News
This lady is an absolute gem.....
This was a fantastic interview.
May god keep this gem of an angel alive for as long as humanity needs her .May God bless you my dear.🙏🙏🙏🙏👏👏👍👏👏👍👍👍💞💞
Amazing guest Amazing interview.
Wonderful and informative talk given by this beloved Indian author.
best you interview professor Dr. Vijay Prakash and Tadoor. both are very deeply learnered historians.
Your guest provides an excellent synopsis into the historic vampiric actions of Euro centric colonialism
After listening a few minutes, I was about to stop and find something else. However, she said something that got my attention and I ended up listening to the whole video.
The perspective she presented was very interesting and intriguing.
Good evening Rania. Hope you are well and safe. David.
Thank you both!
Great guest.
The interviewer would do well not to laugh/smirk/smile when Utsa someone makes a serious, deeply reflective comment. Utsa: We in the South are taught not to think. *Interviewer chuckles*...
To understand Professor Utsa Patniak better, Dependency theory, World Systems theory, and Marxism theory give good explanations of the relationship between underdevelopment and over exploitation of developing countries. And Liberal theory and it's neo-liberal variant gives an insight on the eonnomic tools the west has used and still uses to underdevelop and over exploit developing countries.
This is not about news. It's in-depth lecture or dialogue or detailed discussion about world affair or world history. Anyway, everybody in the world should listen to this discussion. Thank you.
Love the intro music! Will be back to comment when I finish the video!
This is a crush course in Marxist theory. Wow. Not gonna lie, I don't agree with some of the philosophies but the facts raised and the clarity of thought from Utsa is just astonishing. I am jealous.
The host lady is lovely. She does not interrupt the guest speaker. It’s such a pleasure watching her shows my wife and I are watching her show for the 2nd time and she decided we subscribe. Thank you 💓🍀🍀🍀
Fantastic!!!!
Thank you Ranja!
Wow Rania this was great 😊
I’m so glad I didn’t go into debt to attend Universities as I receive a fuller education on the independent shows like this. Truly enjoyed listening to everything shared. Looking forward to this continuing conversation. The tide is changing and these informative shows truly help connect the dots and be an activist with some knowledge.
My sincere condolences to all those families who lost loved 🥰 ones to suicide over debts 🤦♀️😥🙏🙏🙏
THANK YOU,RENIA ,YOU ARE ONE IN A MILLIONS IN TIMES,MY LADIE YOU ARE SO BLESSED GOOD IN TIMES,KEEP YOUR GOOD WORKS IN TIMES BLESSING,
So much knowledge. I love your channel. Watch religiously
@@jimbodriver1015 It's just a saying.....
MY LADIE, EXCELLENT IN TIMES,MS,UTSA ,GREAT AND FORWARD , GOOD KNOWLEDGE,
Brilliant, very insightful
we need a transcript of this whole thing
Utsa Patnaik is absolutely right to point out that the developed North would not be developed or as developed without their direct rapacious plunder of their for former colonies and their current rape and plunder under different means. It would not be far off to even say that it would be the global North that would be the 3rd world countries that the global South is now known as; if not for the period of western colonisation of the global South and the extension of it in its new forms. Till today a majority of the former colonies has yet to shake off the colonisations of their land, wealth of natural and human resources and but also their mindset. The Stockholm Syndrome is still strong in many of them.
During that late 18c to early 19c, all sides of European Wars were financed by International Bankers, who certainly had an Office in Bombay as well as Hong Kong, no doubt Paris, Amsterdam and London. Trade orchestrated all around too, no doubt. The British East India Company, that came out of Dutch East India Company and Levsnt Company was the Mother of All Multinationals.
Wonderful programme - thank you so much.
We aim to coexist peacefuly and respect each contribution
THANK YOU,RENIA YOU ARE,GREAT TO INVITES THIS GREAT SPEAKER AND YOUR SHOW,AREESOMES,LADIE, BLESSINGS,IN TIMES RANIA ,YOU GREAT,SO MANNY EYES AND BRAINS , OPENING THE SHOW ARE GREAT,WE LEARN,,
When Dr. Patnaik brings up the anecdote about the "handful of spices" I, too, almost lost my lunch from tears of sorrow at my early miseducation. Every single state Board of Education-approved text in the US trots out this guilt-effacing myth of "trade routes from Europe for (southern hemisphere) spices..." This myth whitewashed the entire history of colonizing empires, be they Dutch, Portuguese, French, British, etc., to name the most obvious culprits.
The only author I read that mentions how the British sacked India after the Brits had lost most of their silver and other bullion in the massive imbalance of trade is professor Carroll Quigley in his practically banned volume, _Tragedy and Hope_ . In essence, the bankrupt (fiscally and morally) Brits invaded India to steal the bullion its trade had deposited in the Indian treasury. Professor Quigley gave an estimate in the billions. The Brits, not content with stealing the proof of their poor mercantile abilities, proceeding to install themselves as the rulers of India. India has never recovered. A _real_ tragedy.
Keep up the good work, Ms Khalek. And Professor Patnaik, words fail me in praise of your monumental efforts at clearing the record and providing us with an authentic and well-documented history.
Be well.
Ranea is my deity of conscience! Capitalism, Imperialism, even socialism and communism are different forms of colonialism. You rightly talk of colonialism Ranea.
this video needs more views
Thank you Raina! This is tremendous!
Love the BT News Show Hosted by Beauty and Intelligence, always a great lineup of a diverse variety of intelligent and well spoken guests.
Thank you Rania Khalek
I love this talk.using Indian as an example
Excellent talk ladies. Thank you - CheChaka
Yes
Rania U are good
U are thrurh
Good Awareness for all countries to Wake Up
We don't learn about this in school - obviously. Thanks for this. Capitalism is doing by unfair economic forces what Empires did by force of arms or trickery. I feel shame. Not for what was done so much as for not knowing what was done.
Love this conversation/ education.
i find your discussions very refreshing.
She is not taking about “Untouchables” of India . How this group of people is being exploited right now even.
I despise Marxism but I love Rania so I decided to give this a try. I'm 40mins into it and, if you're scanning the comments and you're not sure if this is worth your time, it IS, because it is NOT about Marxism; it is about the last 400 years of global trade and economics through the perspective of a thoughtful and educated individual from a former European colony (India), and THAT is why it is interesting and worth listening to. And thank GAWD she has only mentioned Marxism like twice so far (whew!).