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

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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

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