Abstract:
In this review written for India's Economic & Political Weekly, Robert Pollin explores the major themes of Prabhat Patnaik’s new book, The Value of Money. Pollin describes Patnaik's critique of monetarism, his concept of "propertyism" as a way to describe the Marx-Keynes-Kalecki tradition, and his understanding of the role of poor countries in supporting global capitalism. Despite some omissions--notably, a lack of discussion of financial markets or the role of the state, and few references to the relevant scholarly work of the past fifty years--Pollin describes this volume as "an original, surprising and highly stimulating synthesis of ideas.