July 9, 2026
Prabhat Patnaik
There are at least two important economic aspects of the current structural crisis of capitalism. The first is the overall stagnation and increased unemployment with which world capitalism in its neoliberal phase has been confronted. The higher unemployment in many cases, such as in the United States, is camouflaged by a reduction in the work participation rate, but its reality is undeniable. The stagnation was manifest even before the pandemic: the decadal rate of growth of the world economy over the 2010s decade was lower than in any preceding decade since the Second World War.
Prabhat Patnaik
There are at least two important economic aspects of the current structural crisis of capitalism. The first is the overall stagnation and increased unemployment with which world capitalism in its neoliberal phase has been confronted. The higher unemployment in many cases, such as in the United States, is camouflaged by a reduction in the work participation rate, but its reality is undeniable. The stagnation was manifest even before the pandemic: the decadal rate of growth of the world economy over the 2010s decade was lower than in any preceding decade since the Second World War.