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.



Learning Objectives

  • To explain Schumpeter's view on imperialism
  • To compare outward expansion under mercantilism and capitalism
  • To study the national and transnational forces: descending and ascending forms of capitalism
  • To study the Third World under post-imperialism
  • To extrapolate on the state of capitalism: the future course of development of capitalism
  • Key themes to look out for are pre-capitalist phenomenon; Lenin's imperialism—critique of Lenin's theory, misinterpretations of Lenin's views; post-Second World War theories; Fordist period—neo-colonialism, dependency theory; post-Fordist period—nation-based finance and international or transnational finance, national sovereignty; ultra-imperialism; super-imperialism; post-imperialism—the transnational state; imperialism in the post-Fordist phase—nationalism versus globalisation; ascendant and descendent forms of accumulation; divisions within the capitalist class and labour class; contradictions between the national and the international; Third World countries and capitalist Globalisation.

Schumpeter: Imperialism, a Pre-Capitalist Phenomenon

Mainstream economists ...

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