“Our role is to widen the field of discussion, not to set limits in accord with the prevailing authority.” Edward Said, Orientalism (1978)
This blog post aims to introduce Patnaik’s theory of imperialism – as developed in The Value of Money (2009) – and its relation to economic theory. According to Patnaik a cogent economic theory that seeks to understand the laws of capitalism necessarily stems from a coherent theory of money due to the central place money plays in a capitalist mode of production. Hence, the purpose of his scientific endeavor is to examine the underlying social arrangement behind the determination of the value of money. Consequently, the conceptual framework Patnaik establishes starts with the following question: what does determine the value of money?