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.

Capitalism in the Global Context

Capitalism in the global context

Learning Objectives

  • To compare pre-capitalist and capitalist systems
  • To discuss mercantilism as a stage of capitalism
  • To study the evolution of multinational corporations
  • To enumerate the phases of internationalisation: classic internationalisation, old internationalisation, economic globalisation and financial globalisation
  • To study the extent of globalisation
  • To analyse globalisation from the viewpoint of the Third World: arguments for and against
  • To study the effects of globalisation on consumption
  • To compare the inequalising effects of technology and organisation
  • Key themes to look out for are mercantilism; evolution of MNCs—Hymer's three-tier structure; global commodity supply and demand chains; the Third World—static and dynamic comparative advantage.

The capitalist economic system, unlike pre-capitalist economic systems, has an endogenous tendency to spread through the world economy. This spread has been through broadly four ...

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