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Notes on Political Economy of Development: The Indian Case
Economic and Political Weekly
Vol. 7, No. 5/7, Annual Number (Feb., 1972), pp. 317+319+321+323+325+327-328
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/4361008
Page Count: 7
You can always find the topics here!Topics: Commodities, Dual economies, Financial investments, Economic development, Economic growth, Employment, Agricultural economics, Commercial production, Peasant class, Service industries
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The development process in a developing economy is characterised by the co-existence of several modes of production in their different historical stages of transition. Thus by the very nature of the problem, it is the structure of the growth and not merely the rate of growth which gains importance. Once the competitive assumption, which is particularly untenable in the context of the initial inequalities that characterise a dual economy, is given up, there is particular need to decompose the aggregates into analytically meaningful categories so that while permitting some observations concerning the aggregates, they also allow explicit consideration of the more important structural properties of the development process. Precisely because different modes of production in their varying stages of evolution are co-existing and interacting, one cannot talk of the development process of a dual economy irrespective of its historico-specific location in space and time. At any point of time we have to look for appropriate categories to describe the institutional setting in a developing economy. It is thus through combing the logical deduction method and historical analysis that the actual process of development has to be viewed. With this approach to the analysis of the process of development, we move away from the usual 'completely interdependent systems' (of the Walrasian type) that have allowed economists to focus on questions of logical consistency, existence and stability of equilibrium and the like. This short paper is a small step towards a framework to describe the process of development in post-Independence India. The empirical part of it is only indicative and observations concerning the course of development are merely illustrative of the use such a framework may have. [These notes are taken from a larger study "On Aspects of the Growth Process of a Dual Economy" submitted to the Department of Economics, University of Bombay. I am grateful to N K Chandra for comments on this paper and to Ashok Rudra and C Feinstein for comments on an earlier draft.]
Economic and Political Weekly © 1972 Economic and Political Weekly