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Prabhat Patnaik held the Sukhamoy Chakravarty Chair of Planning and Development at the Centre for Economic Studies and Planning (CESP) in the School of Social Sciences at Jawaharlal Nehru University at the time of his retirement in 2010. He earned his D. Phil. at Oxford University as a Rhodes Scholar and taught at the University of Cambridge before joining CESP. He served as Vice-Chairman of the Planning Board of Kerala from 2006-2011.

His research interests include the limits of neoliberal economic policies, Marxist economics, and theory of the value of money. His publications include Retreat to Unfreedom: Essays on the Emerging World Order (2003); The Value of Money (2008) and Re-Envisioning Socialism (2011). He is the editor of Social Scientist, the journal of the Indian School of Social Sciences, New Delhi.