General Secretary of the Communist Party of India (Marxist) MA Baby presents the award to Prof. V. Aravindakshana-2025 to economist and Marxist thinker Prabhat Patnaik at a function held at Kerala Sahitya Akademi Hall in Thrissur on Saturday. | Photo credit: KK NAJEEB
Economist and Marxist thinker Prabhat Patnaik said capitalism today finds itself at a dead end, unable to move forward – a stagnation that casts a shadow over the global economy.
After receiving the prize prof. V. Aravindakshana-2025 by Communist Party of India (Marxist) General Secretary MA Baba at a function meeting at the Kerala Sahitya Akademi Hall here on Saturday Prof. Patniak said that the huge increase in income inequality in every country under the neoliberal regime has caused the system to stagnate.
According to him, the symptoms of stagnation began to appear soon after the emergence of neoliberal capitalism.
Prof. Patnaik identified two dangerous phenomena arising from the current deadlock of capitalism. “The first is neo-fascism, which has already seized power in several countries. Fascism thrives on two pillars: extreme repression on the one hand, and inciting hatred against some unfortunate religious or ethnic group on the other. These regimes are characterized by ruthless suppression, erosion of democratic institutions and alienation of minorities,” he said.
The second is economic aggression, exemplified by US President Donald Trump’s tariff wars. “Trump’s policy follows the logic of making one’s neighbor a beggar. By exporting unemployment to other countries, the US has exacerbated global instability,” Professor Patnaik said.
He recalled revolutionary theorist Rosa Luxemburg’s warning that capitalism would one day reach a stage where it could no longer accumulate any more capital—it would eventually collapse under its own contradictions. “Although a total collapse may not be imminent, today’s crisis of stagnation certainly reminds us of the Luxembourg Prophecy,” he added.
Despite attempts to revive the ailing system, Professor Patnaik argued that the current state of capitalism reflects its inherent immorality, violence and militarism. “The horror unfolding in Gaza and the militaristic mobilizations across Europe are symptoms of a declining global order,” he said.
Concluding his remarks, Professor Patnaik warned that capitalism, in its desperation to survive, is dragging humanity to the brink of an abyss – “the threshold of a new hell it has built for itself”.
Mr. Baby, who started the event organized by the Foundation prof. V. Aravindakshana, stated that through his recent studies, Prof. Patnaik exposed the deep injustice and inhuman nature of the exploitative capitalist order and revealed how absurd and unsustainable it had become.
TV Madhu, Professor, Calicut University delivered a memorial speech on Prof. Aravindakshana. Kavumbayi Balakrishnan, President of the Foundation, presided.
Published – 18 Oct 2025 21:03 IST
