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

A Theory of Underdeveloped Capitalism

A Theory of Underdeveloped Capitalism The Case of India Ranjit Sau Since the days of physiocrats in mid-18th century it is recognised that the course of an economy depends upon production, distribution and utilisation of the 'net product', or 'economic surplus', defined as the excess of national income over the wage bill. A distinguishing feature of underdeveloped capitalism, in comparison with developed capitalism, is that the surplus is transformed, not into simply profits, but into several significantly different components: ground rent, ordinary profit, and super profit. This makes the political economy of underdeveloped capitalism quite complex in that there are conflicts of interest among a multiplicity of classes

Subscribers please login to access full text of the article.

New 3 Month Subscription
to Digital Archives at

826for India

$50for overseas users

Get instant access to the complete EPW archives

Subscribe now

Comments

(-) Hide

EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.

Back to Top