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.

Crises Tendencies under Capitalism

Crises tendencies under capitalism

Learning Objectives

  • To define commodity production and commodity fetishism
  • To explain the reproduction schemes
  • To define the realisation problem
  • To study money, finance and the financialisation of the economy
  • To understand Ricardian views on Crises
  • Keynesian theory
  • To understand surplus value and falling rate of profit
  • To compare possibility and necessity theories (Marxian)
  • To explain the financial crises of October-November 2008
  • To enumerate Kalecki's views on government and economic crisis
  • To elucidate the ecological contradictions
  • To study sociological contradictions, inequalities, class struggle
  • Key themes to look out for are commodity production; commodity fetishism; market morality; commoditification of land, labour and money; Marxian reproduction schemes; possibility and reality of crisis; equilibrium conditions; realisation problem; money, finance and financialisation; economic crises: possibility and reality of crises; Ricardian viewpoint—Say's Law; origin of surplus value; ...
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