ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Towards an Explanation of Crisis in a Mixed Underdeveloped Economy

Underdeveloped Economy Prabhat Patnaik S K Rao The mixed economy, in country after country, has come to face a crisis. The crisis is not temporary or cyclical, but one affecting the very viability of this type of economy. A situation inevitably arises when economic growth cannot proceed further within the framework of the mixed economy without creating enormous inflationary pressures, Inflation, of course, hits at the real living standards of the urban and rural proletariat and semi-proletariat; more important, however, from the point of view of the ruling classes, it hits at the petty bourgeoisie and, in particular, the crucial articulate segment of it, the professional groups and the salariat, and throws it into the camp of the opponents of the ruling classes.

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