Capital & Labour Redefined

India and the Third World

Amiya Kumar Bagchi


Tulika Books, New Delhi, 2002

336 pages

Price INR 575.00

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This volume of essays gives the historical background to the formation of the Indian capitalist class from before British colonial rule in India. It also analyses the nature of that class and the changes in it under colonialism and in independent India. It situates some of the peculiarities of capitalist organization in India and the ideology of big capital in their historical context. The evolution of the conditions of the working class in India is analysed in its dialectical interaction with global capital and Indian capitalism. The book challenges the view that the tensions caused within working-class movements by caste or communal divisions or by gender discrimination are to be attributed to primordial loyalties. It demonstrates the influence of the deliberate strategies adopted by capitalists and of changes in the structure of global and Indian capitalism. Finally, it investigates the impact of capital-friendly liberalization on the fortunes of the working class in the third world.


Amiya Kumar Bagchi

Amiya Kumar Bagchi is the founder Director and Professor of Economics, Institute of Development Studies Kolkata. He was formerly Reserve Bank of India Professor of Economics and Director, Centre for Studies in Social Sciences, Calcutta. His books on finance and investment include Private Investment in India 1900–1939 (1972); The Evolution of the State Bank of India, Vol. I: The Roots 1806–1876 (2006) and Vol. II: The Era of the Presidency Banks and the Indian Economy 1876–1914 (1989). He also edited Money and Credit in Indian History: From Early Medieval Times (2002).