This textbook covers the syllabus of the papers on economy, state, and society of undergraduate and graduate courses in Economics in India. The content also covers the topics in history of economic thought taught in some colleges and universities.

The textbook explains the emergence, evolution, and working of the capitalist system with the help of some of the major principles and theories of economics. It interrelates economics and economic life with other aspects of our lives—social, cultural, political, religious, and intellectual.

This book departs from the traditional analysis of the capitalist system in integrating the real sector of the economy with its monetary sector and carries forward Keynes' analysis. It underlines that the capitalist system is constantly changing, propelled by the tendency towards increasing concentration of ownership and control of the means of production in fewer and fewer hands.

The book comes with an Instructor's Manual to aid the teaching of the subject.

The Study of Economy, State and Society

The study of economy, state and society

Learning Objectives

  • Elucidates the holistic view of the Marxian political economy approach—the economy, state and society
  • Understands social productive forces, mode of production, the superstructure and the socio-economic formation
  • Explains dialectical, historical materialism
  • Studies the three dialectical processes or laws
  • Critiques the Marxian approach: determinism, economism, class struggles
  • Key concepts to look out for are: social productive forces, mode of production, superstructure, dialectical historical materialism, the three dialectical processes/laws, laws of conservation, economic determinism and class struggle.


Economy, state and society are intimately interrelated. One cannot be studied independently of the other. Yet mainstream analysis tends to study each separately of the other—for example, economics, political science and sociology are studied as separate fields/disciplines of study, with each broad ...

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