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.

Evolving Structure of Capitalism: Fordism and before

Evolving structure of capitalism: Fordism and before

Learning Objectives

  • To describe the dynamic nature of the capitalist system
  • To compare pre-capitalist systems (mercantilism) and the capitalist system
  • To describe competitive capitalism
  • To explain the transition to monopoly capitalism: views of Schumpeter, Galbraith and Marxists
  • To explain the Fordist phase: economy, state and society
  • To show the contradictions inherent in Fordist-monopoly capitalism: internal and external problems
  • Key themes to look out for are mercantilism—the initial phase of capitalism; the sub-epochs—competitive capitalism, transition from competitive capitalism to monopoly capitalism (technological imperatives; Schumpeter—perennial gale of creative destruction—dynamic competition; Galbraith—corporate administrative structure and managerial capitalism; O'Connor-Marxist views—monopoly-finance capitalism), monopoly capitalism—Fordist phase, the first industrial divide—the regime of accumulation; the relation between mass production and mass consumption; the rise of the ...
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