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.

Modes of Production

Modes of production

Learning Objectives

  • To study the communal mode
  • To study the slave mode
  • To study the Asiatic mode
  • To study the feudal mode
  • To study the capitalist mode
  • To study the socialist mode
  • To study the subsidiary mode
  • To elucidate the coexistence of several modes
  • To understand the place of modes of production in Marxian analysis
  • Key themes to look out for are: mode of production—social productive forces, form of ownership, economic relations.


The concept and analysis of modes of production is central to the Marxian analysis of the characterisation of socio-economic formations and the transition from one socio-economic formation to another. Knowledge about the essential features of the different modes of production is necessary in order to understand how, when and why they change, and how they interact with state of ...

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