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

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UK AND EEC-Misleading Outcome

UK AND EEC-Misleading Outcome

payments. Today, as sources of credit, these IADP creations have dried up, The biggest moneylender in Manu- pur is Maghar Singh. The amount he has out on loan today comes to a total of nearly two lakh rupees; Although ha has 35 acres of land, Maghar Singh does not wish to buy a tractor. Neither does he desire to purchase any more land. As he explained, an acre of land costs Rs 20,000. The gross yearly produce on it would be Rs 4-5,000, If one wishes to avoid management worries, one could lease it on a crop- sharing basis, op; batai. The return would then be half the gross produce, that is, Rs 2-2,500 a year, A far more attractive alternative, however, is loan- ing that Rs 20,000, and letting it fetch, even a low rate of, say, 20 per cent per annum, Rs 4,000. Unbelievable as it may sound to a Green Revolutionary, Maghar Singh put it this way: "As a tractor, my money will turn into iron, lifeless and ossified; as a loan, it lives and grows.'' To be sure, even Maghar Singh, let alone the remaining 16 moneyleaders, doesn't yet appropriate the bulk of his income in the form of moneylender's interest Nonetheless, moneylending is a growing tendency in the village, And it is as a tendency that we must grasp its significance. Should this tendency continue to operate, and there seems at the present no reason to believe it will not, the same class structure that existed in the forties will be reproduced at a slightly higher technical level of production. The Green Revolution notwithstanding. an essential feature of dependent capitalism, the dominance of circulating capital over production, is re-emerging in Manupur.

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