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Why Capitalism Needs Imperialism To Drain Wealth From the Global South, w/ Marxist Economist Utsa Patnaik

Rania Khalek Dispatches

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What Was the Impact of Colonial Transfers on the Global North?

Colonial transfers on the global north were a two gray thing. What they took from the global south, without which the global north would not be what it is to day. We don't understand colonial transfer at all because we do not have the conceptual apparatus for understanding it. The pioneers of economic theory are held up as models, you know, as great men,. But in other respects, they developed theories which were entirely incorrect and fallacious. That is only after a lifetime of thinking about these problems, i realize that adam smith's invisible hand never existed. It was a ghost in the machine, you know.

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