Social ScientistEducation and Globalisation Author(s): Prabhat Patnaik Source: Social Scientist, Vol. 33, No. 9/10, Debating Education (Sep. - Oct., 2005), pp. 100-111 Published by: Social Scientist Stable URL: http://www.jstor.org/stable/3518095 Accessed: 13/11/2010 13:18 Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/action/showPublisher?publisherCode=socialscien. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. Social Scientist is collaborating with JSTOR to digitize, preserve and extend access to Social Scientist. http://www.jstor.org I shall not go into the issue of how adequatelywe have attempted to achieve this end or .it requiresfor its sustenanceand advance. is to produce these intellectuals. especially ours. But notwithstandingtheir internaldiversityand heterogeneity.Education and Globalisation - -H Any social formation requiresfor its functioning a set of intellectuals linked to itself.By the same token when a new social movement emerges on the horizon. then Gandhiji'scall for a rejectionof the colonial education system. and hence enjoy the social support of the people. there could not be a single agreed vision of what exactly the intellectualsassociatedwith carryingit forwardshould look like. attempt at the production of a new set of intellectuals free of the colonial worldview. different from that of the usual products of the pre-existingsystem of highereducation.i. the system of higher education in independent India clearly had to have as its major objective the continuous production of a set of intellectualswho could sustain the new decolonized order. Borrowing the Gramscian term I would call such intellectuals the "organic intellectuals"of the people. must be the production of "organicintellectualsof the people". An important purpose of the system of higher education in any country.a new set of intellectualswith a different outlook.which essentiallymeans from the point of view of its ability to benefit. in particular of the system of higher education. since the freedom struggle was a nationalmovement involving many classes. engaged in critiquing the development trajectory from the point of view of its social sustainability. which challenges the existing social arrangement. After the end of colonial rule. For instance. True. in the era of imperialism. A majorobjectiveof the education system within it. if the education system visualizedby Macaulayhad as its objectivethe production of a set of intellectuals (I use the term in the wider sense given to it by Antonio Gramsci) that would serve the colonial order.e. and his setting up of certain new educational establishments such as the could be seen as constituting an embryonic various "Vidyapeeths". and not a particularclass movement.it was necessarythat a sufficient number of intellectualsshould be engaged at any point of time with the issue of social sustainability of the development trajectory. The matter in short is one of priorities. In fact it is a national shame that even after half a century of Independencemore than one-third of the population in the country remains illiterate. by any reasonabledefinition of the term "adequate".I shall discuss below the differentforms that this assault takes. Many argue that institutions of higher education constitute a white elephant. But the mistake consists in believing that an absolute curtailment (or even a curtailmentrelativeto GDP) of expenditureon higher education is necessary for overcoming these failures.There can of course be no two views on the urgent need for eradicatingilliteracyand enlargingthe spread of elementaryeducation. My concern is to emphasize that we face today. This argument. nonetheless. a drain on the nation's resources which can be better deployed in promoting the spread of elementaryeducation in the country.The shortage of resourcesthat is usually cited in this context as a constraint is a mere alibi. in the realm of higher education. X c 1. whose proponents include many progressive and sensitive thinkers. military. And any . Insteadof the pyramidalstructurewe should have built up. an unprecedentedassaultwhose objectiveis preciselyto precludethe production of such intellectuals. in the post-independence period. and intelligence apparatusentailed at the time. I shall discuss what has been happeningon the resourcefront in the more recent period later in the paper. we have actually built up. But the crucial point is this: at no stage during the entire post-Independence period has India spent an adequate In amount on education. they contend.Education and Globalisation succeeded in doing so. X 2 An obvious form is the perpetual effort to deride the claim of higher education for public resourceson the grounds that it constitutes a luxury we can ill afford. of a broad base of elementaryeducation supportinga smallerapex of higher education. a top-heavy structure where a plethora of colleges and universities has grown up within a vast ocean of illiteracy and ignorance. fundamentallyflawed.and around 40 percentof children of school-going age remain outside the ambit of formal schooling at any given time. notwithstanding the massive drain on its exchequer that the maintenance of the highly oppressive police. fact the proportion of GDP that the white-supremacistSouth African State spent on the education of the black majority even during the apartheid period. Any government that has the political will to eradicate illiteracy and provide universal primary education would always find the resources for doing so without curtailing higher education. is. was higherthan what the Indian State has ever done throughout its entire post-Independencehistory. are more powerfulthan is commonly understood. Indeed the world is ruled by little else"'.First. To be sure. one that does not tell him that his chronic hunger is the result of sins committed in some previous birth.And since we are now in a position to have our own institutions where the conditions for independent thinking can prevailas a matterof course. we must develop and nurturesuch institutions. freedom and progressof a particularsociety. This tradition of independent thinking is necessaryalso for defending the gains of our freedom struggle. After all Bertolt Brecht. the shrinkingor extinction of this realm necessarilymakes a society parasiticon others for its ideas. The mass mobilization that constituted our freedom struggle would not have been possible if the intellectualgroundworkfor it had not been done by pioneering thinkerslike DadabhaiNaoroji who dared to think independently of the prevailingtheoreticalconstructsin the institutions of higher learningin the metropolitan countries. may have exaggerated a trifle when he wrote:". The realm of higher education is the cradle of ideas.Social Scientist Ln ?14 -t 0 i "1) o VI Z ^} O0 government that complains of lack of resourcesand considers it necessaryto starve higher education in order to provide for the spread of literacy and primary education simply lacks ipso facto the political will for effecting universalliteracyand primaryeducation. and such a parasiticsociety cannot remain free. John MaynardKeynes. such strengthening is essential for the development of the country. But it is a necessarycondition. having such institutions is not a sufficient condition for the development of independent ideas relevant for the life. While strengtheninghigher education does not preclude in any way the expansion of elementary education. But the exaggerationis no more than a trifle.that the crowd of hungry men must have their own "organicintellectuals"whose ideas must develop independently of the ideas of those who preside over a social arrangement that keeps the hungry hungry.. This presupposes that the right book must be available.the ideas of economists and political philosophers. there is a rejectionof the view that differentinstitutions of higher learningbelonging to different societies can be ordered as being "better"or "worse" along one . Independent institutions of higher education are essential for this. indeed for the very survivalof the freedom of its people. reach for the book!" The hungry man however must reach for the right book. both when they are right and when they are wrong.coming from a very differentsegment of the political spectrum also wrote: "Hungry man. but educates him instead on the social conditions that keep him hungry. II I102 Implicit in what I have just said is a whole series of rejections.. arguablythe greatesteconomist of the twentieth century. "we have to judge ourselves by how well we are recognizedby top institutions in the world"and so on. faculty from advanced country institutions". any emphasis on would mean voluntarilysurrenderingourselves to this "professionalization" X cr v) m 2 103 . the conceptual framework. thanks precisely to our rather recent birth as a nation after a prolonged anti-imperialist struggle. Stepping out of these limits invites reactions of unease.Education and Globalisation particular axis. astonishment. or Jawaharlal Nehru University. but everyone is entrappedby the need to belong to and to be recognizedby the "profession" and therefore undertakesresearchwithin strictlycircumscribedlimits which preclude any critical awarenessof the role of the handed down conceptual apparatusin the ideological defence of imperialisthegemony. If these institutions are to be "organic" to their specific societies. silence. This whole approach is to my mind wrong. and not as a means of producing "organic intellectuals"for a particularsociety. therefore recognition in the "profession" would necessarily mean sacrificing any independent thinking and parroting borrowed concepts. This does not mean that everyone engaged in social science researchin the universitiesin the West is a conscious ideological defender of imperialist hegemony. Modelling our institutions after Harvardor Cambridge.which would entail copying their curriculaand syllabi. Hence even the best-intentioned dare not step beyond the limits. This would not matter if these borrowed concepts were genuinely "scientific" and not imbued with the ideological objective of defending the hegemony of the advancedcountries. resultingin a loss of academicand financialstatus. I referredabove to DadabhaiNaoroji whose contribution to the struggle for the freedom of our society was enormous. as I shall illustratelater. my argument rejects the view that the professionalization of subjects like "economics". I often feel amused when I hear comments like "Jadavpur University. In societies like ours where the domination of the Westerntheoreticalorthodoxy in social sciences is far from complete. The "profession"in these disciplines as well as in others. is dominated by the advanced countries.and "politicalscience" is a desirableprocess. In the social sciences at least. to our great cost. But scarcelyany one in Harvard or Cambridge doing economics would have heard of him (though those doing "IndiaStudies"might have). since the interestsof these societies are quite obviously not in harmony.each set of institutions must be differentfrom the others in order to fulfil its legitimate role. then. the perspective and the insights of a thinker like Naoroji. should imitate "our institutions should enrich themselvesby borrowing ideas and Harvard". would therefore necessarilymean sacrificing. Secondly. It sees higher education as a homogeneous commodity of which some institutions are better producers than others. derision and even hostility. such is not the case. In this connection suggestions have been made by the Bretton Woods institutions. or to argue that we should not have criteria for judging quality. Economics. in the Western financial journals that India should allow its exchange rate to appreciate. Thirdly. and as a result we currently have exchange reserves of nearly $140 billion. and that towards this end the RBI should stop adding to its . Foreign exchange reservesare nothing else but IOUs of other countries.the ReserveBank of India has intervened to buy up the foreign exchange that has been coming in. Now. and by independent analysts. on keeping within the "limits"and abjuring the use of concepts that critique imperialist hegemony. closing the space which has been made available to us for independent thought.hence holding such IOUs representsa waste of resourcesthat could be more productivelyused elsewhere.Social Scientist domination. By doing so however we contribute to a stultification of the tradition of independent thinking. even without looking closely at the quality of the two publications. prefera candidate who has published in a western journal over one who has published within the country. Almost all of us. but there is no escape from the need to do so if we are to preservea tradition of independent thinking. to underscore the necessity of a tradition of thought independent of the prevailing orthodoxy in the West. all such awards and distinctions are conditional on conformity. III 104 Let me give an example. holding such large reservesis not a sensible thing to do. because of which it so happens that a significant inflow of foreign exchange has taken place of late. In the social sciences at any rate. my argument entails a rejection of the attitude which places a special value on "recognition" in the advanced countries. But these criteria must be our own. and not those employed in the institutions of advanced countries. To say all this is not to reject the notion of quality. drawn from my own discipline. Unfortunately this attitude of prioritizing "recognition"in the West is all too pervasivein our country. To prevent the exchange rate from appreciating. This is palpablyunwise. since the rate of return which those bringing funds into the country earn is higher than the rate earned on these reserves(which is a trivial amount). One consequence of the policy of has "liberalization" been the relaxationof restrictionson the flow of finance into and out of the country. and hence on awards and distinctions bestowed from there. the country in effect is borrowing from abroadat a higher rate to lend at a lower rate. Developing these criteriato be sure is not easy. including academics.What is more. when we sit on Selection Committees. Education and Globalisation reserves. especially metropolitan. either using the reserves.or on the strength of these reserves. they desperatelyneed (it is noteworthy that a similar demand for revaluingthe exchangerate upwardsis being made with regard to China). If. when our country. We would have in short unleashed a process of "debt-financedde-industrialization". for loans. and likewise our exports would be supplanted by foreign exports. to avoid this double ruin. Let us look at the implications of such a move. This of course would work to the advantage of the foreign. or agencies like the IMF and the World Bank dominated by them. we would have no funds to cover the outflow. this relativecheapeningof foreign goods would mean that a given volume of domestic demand would be met by foreign goods rather than by domestic goods. in order to finance capital outflows. and bankruptcylater. and many Western acadcnmics are demanding an appreciationof the rupee. borrowedto finance the i. since these would have been used meanwhilein financingimports at the expense of home production. fritteringaway foreign exchange reservesthrough an appreciationof the rupee would mean a ruination of the country twice over: through de-industrializationand unemployment now. then what should the country do? Obviously if there was an agency that undertook productive investment. then they would have been put to some good use. The only such agency can be the State (since capitalists'investment decisions are c X 2 ~: 105 . If the rupee appreciates then our goods become uncompetitive visavis foreign goods. it is essential that there be people within the country who think independently and have the capacity to see the implicationsof such moves. and to protect our sovereignty and freedom.the BrettonWoods institutions. together with an increase in our trade (and current account) deficit (which is in fact how the reserveswould have got used up). But to oppose this demand. and they would be able to impose whatever "conditionalities"they choose in the future. and lower them instead. It follows that an appreciationof the rupee would lead to a closure of domestic producing units and to higher unemployment. Since such an appreciation would not expand the total domestic demand. using these as cushion. ruination of our own production base. (since plenty of unutilized domestic industrial capacity also exists).i. given the prevailingrecessionaryconditions. approachesthem. when the time comes for foreigners(or Non-Resident Indians) who are now bringing finance into the economy to start taking it out. it may be asked. countries:they would obtain largermarketsnow. Several Indian academics and financial journalistshave also endorsed this idea.e. It is not surprisingthen that the Western Press. What is more. holding large reserves is unwise and getting rid of reservesthrough an appreciationof the rupeeeven more so. In short.e. which. Some degree of control over capital flows therefore would have to supplement larger State investment. even if the State undertook investment on the strengthof these reserves.A whole range of measureshave to be undertakento ensure that these institutions play the role that they should. but it has become greatly accentuated by the pursuit of "neo-liberal"policies at the behest of the Bretton Woods institutions since the beginning of the nineties. for otherwisecapitalwould go to destinations .Social Scientist 0n ii 0 C>) 0 Z -5 spurredby their own calculationsand cannot be stimulated just because the country has a plethoraof unused resources). The first is the tendency towardsprivatizationwhich has gatheredmomentum on account of the fiscal crisis of the State. it must lower direct taxes on such capital (whether or not foreign capital actuallycomes). but largerState investment is taboo.True. customs duties must be brought down. But both these are anathema as far as the theoretical orthodoxy in the West is concerned. issue. albeit vital. IV 106 106 The pressure for "professionalization"is one persistent factor working towards the destruction of independent thought. In addition to this howevertwo other specific factorshave emerged in recent years which work in the same direction. To entice foreign capital. but that is a separate. The only reasonableway of coping with financial inflows is thus closed to us if we follow the lead of the dominant theoretical orthodoxy in my discipline.and used up a substantialchunk of them. since the State which lowers customs duties cannot simultaneously increase excise duties (for otherwise it precipitates gratuitous de-industrializationby favouringimports over home production). Since "liberalization"must include trade liberalization. Not having any such institutions completely forecloses the possibilitiesof any independent thought. which is supposed to play a central role in ushering in development. and thwarting the emergence of institutions capableof producing"organicintellectuals"for our society. There may of late have been some grudging admission of the need for capital controls. The fiscal constraints on an economy pursuing neo-liberal policies are obvious. its capacity to raise revenues from indirect taxation as a whole gets reduced. simply having institutions of higher education does not mean that this need gets automaticallyfulfilled. This fact however only underscoresthe absolute need for independent thinking in societies like ours. Of course. This crisis existed even earlier.. when the time comes for finance to flow out the country may still find itself short of funds (unless the investment undertakenin the mean time earns sufficient foreign exchange). a combination of capital controls and largerState investment is requiredif the country is to cope with the burgeoning capital inflows. especially for third world economies. In short. Education. seen as the product of educational institutions. The implication of privatization. Education in short is not a homogeneous good.Education and Globalisation with lower tax rates. invariablyentails an increase in the rate of interest which the government has to pay on its borrowings. prior to "liberalization".40.000 crores at the end of the decade of the nineties compared to the beginning of the decade2.so that corporate tax revenue shrinks relatively.the Central government would have garnered an additional revenue of Rs. and India is no exception.13000 cr. To maintain some inter se equity between foreign and domestic capital. is fundamentally heterogeneous. It follows that the logic of a "liberalized" economy is to reduce the tax-GDP ratio. This in fact is what has happened in a host of economies adopting neoliberal economic policies. again for reasons of inter se equity. is a curtailment in total government expenditure which has a particularimpact on expenditure on social sectors like education and health.3 percent in Central Net Tax Revenue to GDP between triennia centred on 1990-91 and 1999-00. the latter also cannot be taxed too heavily. draw this distinction is not to say that "organicintellectuals"of the people n vi A v 2 '- 107 . Education that enables a person to get a well-paid job in the existing job market is not the same as education that produces an "organic intellectual"of the people (a distinction which is analogous to what the late To Paul Baran drew between the "intellectworker"and the "intellectual")3. togetherwith the fact that the fiscaldeficit under the neo-liberal dispensation is supposed to be kept under strict control. It There is an additional fall-out of "liberalization". The total drain on the Centralgovernmentexchequer of both these measures therefore amounted to about Rs. which unleashes in turn a tendency towards the privatizationof these sectors. including by several sensitive thinkers who see no harm in it.then there was a reduction of 1.which cannot be offset. in 2001-2. even without taking into account the compounding effectsof higherinterest rates. The effect of all this.was as much as Rs. has been missed by many. An estimate for India for instance suggests that the increase in the interestburden of the public exchequeron this score.26000crores in one single year alone. which necessarily brings the profitmotive into the sphere of education. which can be produced by the public and private sectors alike. If we take triennium averages. And the Centre "passedon" this "drain"to the state governmentsmaking the latter'sfiscal situation in turn precarious. like steel or cement. Even taking the lower of these figures it would turn out that if only the same tax-GDP ratio had been maintained at the end of the decade as prevailedat the beginning. If education becomes a business then it loses its capacity to produce "organicintellectuals"for the people. through largerpersonalincome taxes.6 percent in the ratio of Central Gross Tax Revenue to GDP and 1. It is not the ordinarypeople in the country however who have been the beneficiariesof the reduction in the tax-GDP ratio which underliesthe fiscal crisis. the nature of which changes with changing technology. The point at issue is the exclusive determination of educational priorities by the market.Social Scientist (22 ?14 it 0 (1) ~~ LA Z t' ~o should be incapableof obtaining a job on the job market. education must simultaneously ensure that they do not remain mere "intellect workers"but also become "intellectuals". the market is a signalling device which indicates changing demands that are by no means socially irrelevant. On the contrarywhile the tax 108 . There is a basic difference between education that satisfies the preference of the buyer and education that is undertakenin the interestsof the people.the point ratheris that even while imparting education to enable persons to obtain jobs and serve the country as "intellect workers". they have implicitly"voted"not to have not much tears thereforeshould be shed over this fact such "intellectuals". It seems to me however that the objectiveof higher education that I have been outlining is perfectly compatible with the other purpose which education serves. i. when the people themselveswant it this way. it may be askedquite pertinently:how can we ignore altogether the dictates of the market?In the era of IT revolution we have to have people with IT expertise. And if education is to be undertakenin the interestsof the people.and no "intellectuals". Privatizationof education produces exclusively "intellect workers". and privatization of education has a tendency to lead to such exclusive determination not just in the privatized segment.then it must be publicly financed. The matter can be put somewhat differently. Sensitivity to the latter need is not synonymous with the commoditization of education. In other words. but over the sphere of higher education as a whole through the pressuresit brings to bear on the non-privatizedsegment. in the sense of "organic intellectuals" of the people.Privatizationof education turns it into a commodity where the buyer'spreferencemust necessarilyenter to determine the nature of the commodity produced. to defend their interests. Some contend that if the State is afflictedby a fiscal crisis.e. But then. then the education that increasinglygets to be produced is one that is intrinsically incapableof serving the interestsof the people. Universities consequently have to orient themselves towards imparting knowledge on IT rather than continuing to emphasize traditional subjects like liberal arts and producing unemployable graduates even while the country misses out on the new technology that is unfolding. namely to impart skills. then this fact ipso facto implies that the people are not paying for producing "organic intellectuals"for their own cause. If it ceases to be publicly financed.Ignoringthe dictates of the marketthereforeis a perilous venture for any society. Society in short can ignore this need only at its own peril. for in the absence of an intellectual articulation of the plight of the victims.They are not the votariesbut the victims of these cuts. at the very least a minimum period of service in India could have been demanded. The need for nurturingsuch intellectualopposition arisesnot out of any charity.all around. has been much heraldedby the media and the government which by contrast have been resoundingly silent on the massive transfers. namely the appropriation for purely private ends of public education.who are among the poorest people in the world. they have been lionized.whose education is financed in large measureby the ordinaryIndian masses.Education and Globalisation concessions have gone in favourof the rich. but also of muting whatever intellectual opposition exists againstthe policies that victimize them. I have in mind the fact that a large proportion of the products of prestigiousinstitutions of higher learningin our country. as mentioned at the beginning of this lecture.and extreme and unproductiveforms which cause much suffering. What is more. indeed for social survival. I do not blame them for one instant. have sufferedfrom the effects of deflationvia unemployment and cuts in social expenditures. nor out of a mere transcendentalcommitment to democracy and egalitarianism. especiallyin ruralIndia. notwithstandingtheir choice to leave the country. Their paltry contributions. or a refunding out of their sumptuous salariesabroad the expenses incurred by the country on their education. such as the IITs and Medical Institutes like AIIMS and PGIMR. But I do blame our successivegovernmentsfor having turned a blind eye to this phenomenon and permitted the continuation of a state of affairs where the poorest in the world are made to subsidizethe health system of the richest in the world. Nothing of the sort however has been imposed.amounting now to well over $10 billion per X cr o :- 109 .It is essential for social peace. Even if no restrictionson emigration are placed. the ordinarypeople. Privatizinghigher education in this context has the effect not only of excluding them from its ambit. and the country has handed over gratisskilled persons trainedat the people's expense to advancedcountries. setting up a hospital here or donating some money to their alma mater there. for the social sustainabilityof the development trajectory. in the absence of "organic intellectuals" who can provide such articulation. then migrateto the advancedcapitalistcountries to make a comfortable living for themselves. V One cannot however be critical only of privatization of higher education without raising one's voice againstanother phenomenon that has been quite pervasive until now.or.usually pointless suffering. the opposition of the victims to their plight takes on highly destructive.socially debilitating. The opposition to the ideology of imperialism. is as much a "commoditization"of education as the demand for capitation fees and the substitution of basic disciplines by more "marketable" subjects. was provided by an inclusive Indian nationalism that was secular. at any rate segments of them. If at a political level communalism and fundamentalismdivide the people and contribute to a weakening of the nation visavis imperialism. In the case of the other migrants. all of these entail a devaluation of the content of higher education which actuallydisarmsthe country intellectually against the onslaught of imperialist ideology. never had an anti-imperialist thrust.whose net remittancesback to the country have been paltry. These forces. democratic and self-confessedsocialist.The fault here lies not with the appropriatorsbut with those who allow it. Communalism. The retreatto prejudice.the promotion of obscurantism. VI 110 Another basic factor which works in the direction of enfeebling the generation of "organicintellectuals"in our society is the increasingsway of communal and obscurantistforcesover the sphereof education. often claim to be fighting "Western"influence on our education system (two names that figure in their perception of the "evil trinity"being Marx and Macaulay). It is imperative that the struggle against privatization of education should be complemented by a struggle againstthe privatizationof public resourcesin the sphere of education in this manner. the substitution of extraneouscriteriafor scientific investigationin evaluatingthe worth of academic propositions. we have a clear case of private appropriation of public resources.Paradoxically however they end up strengtheningthe very "Westerninfluence"which they claim to be fighting.on the explicit argument that there is a marketdemand for them.then at an intellectual level too they make a parallelcontribution by obliteratingthe intellectual capacity to see through its machinations. Likewisetheir attempt to change text books to make them conform to the prejudicesof a handful of bigots on the grounds that nothing offensive to the "religioussentiments"of the "majoritycommunity" should be carriedin such books is antitheticalto the spirit of scientific inquiry let without which there can be no "intellectuals" alone "organicintellectuals" of the people. Should it come as any surprisethen that the emergence of communal politics . one must remember. whether of the Hindu or the Muslim variety. which have been a major prop of our balance of payments.Social Scientist annum. by the poor MalayaleeMuslim migrantsto the Gulf. The lionization of such appropriatorsmoreover amounts to an encouragement for such appropriation. the skilled doctors and engineers. Their attempt at the introduction of courses in State-funded universities to turn out Purohits and astrologers. The General Theory of Employment. and JayatiGhosh. Leftword. preface.P. 1966.MR Press.M.Education and Globalisation and ideology also paves the way for the re-assertion of the hegemony of oimperialistideology? 0" -O Nehru University. See on this C.Keynes. New York. The MarketThat Failed. The LongerView. 1936. III . Macmillan.Chandrasekhar 2002. Paul Baran. New Prabhat Patnaik is professor of economics at the Jawaharlal Delhi. References J.Interest and Money.