{"id":9368,"date":"2024-06-14T14:20:02","date_gmt":"2024-06-14T14:20:02","guid":{"rendered":"https:\/\/exam.pscnotes.com\/current-affairs\/?p=9368"},"modified":"2024-06-14T14:20:02","modified_gmt":"2024-06-14T14:20:02","slug":"nation-states-subservient-to-globalised-fin-capital-patnaik","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/current-affairs\/nation-states-subservient-to-globalised-fin-capital-patnaik\/","title":{"rendered":"Nation-states subservient to globalised fin capital: Patnaik"},"content":{"rendered":"

The impact of the globalised finance has become so powerful in the contemporary world that the nation-states are forced to play a subservient role and are deprived of the opportunities to pursue independent policies, according to economist and former vice-chairman ofKeralaplanning board Prof Prabhat Patnaik.<\/p>\n

The finance capital blocks the possibilities of the Growth<\/a> in EMPLOYMENT<\/a> and real wages even while drastically pushing up labour productivity, through the introduction of technologies. This also leads to cutting down the bargaining power of the labour, he said. Privatisation of public sector enterprises aggravates the erosion in the bargaining power of labour.<\/p>\n

A major consequence of the growing influence of globalised finance is the crisis it unleashes on petty production, including peasant Agriculture<\/a>-notes-for-state-psc-exams”>Agriculture<\/a>. The finance capital forces the nation-states to withdraw the support given to the peasant agriculture and other informal sectors, and numerous such instances can be seen in the Indian context also. The government is sometimes forced to withdraw such measures because of the farmers protests, Prof Patnaik said. According to him the nation-states are being pressured to fix a limit on by the finance capital. Many nation states are embracing neo-fascist policies to address the issues like over production and crisis in petty production, precipitated by finance capital, Prof Patnaik said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The impact of the globalised finance has become so powerful in the contemporary world that the nation-states are forced to play a subservient role and are deprived of the opportunities to pursue independent policies, according to economist and former vice-chairman ofKeralaplanning board Prof Prabhat Patnaik. The finance capital blocks the possibilities of the Growth in … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1099],"tags":[817],"class_list":["post-9368","post","type-post","status-publish","format-standard","hentry","category-kerala","tag-14-06-23"],"yoast_head":"\nNation-states subservient to globalised fin capital: Patnaik - Current Affairs Exam<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/current-affairs\/2024\/06\/14\/nation-states-subservient-to-globalised-fin-capital-patnaik\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nation-states subservient to globalised fin capital: Patnaik\" \/>\n<meta property=\"og:description\" content=\"The impact of the globalised finance has become so powerful in the contemporary world that the nation-states are forced to play a subservient role and are deprived of the opportunities to pursue independent policies, according to economist and former vice-chairman ofKeralaplanning board Prof Prabhat Patnaik. The finance capital blocks the possibilities of the Growth in ... 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The finance capital blocks the possibilities of the Growth in ... 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