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.

Transition from Feudalism to Capitalism

Transition from feudalism to capitalism

Learning Objectives

  • To have a holistic view of the transition from feudalism to capitalism
  • To study the Brenner debate
  • To study the Dobb-Sweezy debate
  • To present the Third World viewpoint—Irfan Habib's colonial exploitation as a factor
  • To highlight the importance of the subject for Third World countries
  • Key concepts to look out for are feudalism; capitalism; Irfan Habib's thesis; demographic model; commercialisation model; class struggle—Marxist political analysis; technological changes in agriculture; role of towns; internal versus external factors; colonial exploitation; preconditions of capitalism; holistic view—a critical appraisal.


Socio-economic formations in a country tend to change over time. This change has generally in recent times been from feudalism to capitalism. Some socio-economic formations have leapfrogged to a socialist mode, but only for a short ...

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