Capitalism in a Cul-de-sac | Prof. Prabhat Patnaik | Prof. V. Aravindakshan Award 2025

Renowned Economist and Marxian thinker Prof. Prabhat Patnaik was awarded the Prof. V. Aravindakshan Award 2025 on October 18th. In his acceptance speech, Professor Patnaik explored the future of neoliberal capitalism, noting that the decade before the Covid pandemic recorded the lowest global economic growth since World War II. The world economy, he argued, has been sustained by asset-price bubbles from the dotcom and housing bubbles to the recent AI bubble. With youth unemployment already at 10% in the U.S., he warned that the aftermath of the AI bubble burst could be severe as automation replaces more jobs.
Watch the full video of Prof. Patnaik’s insightful speech here: