Phases of capitalism and economic theory and other essays

This collection of essays is divided into three parts.

Part I deals with various aspects of economic theory. It begins with a survey of the main lines of development of economic theory, showing in particular how economic theory has been moulded by the character of capitalism, as it moved from its early, vigorous phase to what the author calls its 'decadent' phase. The theme is subsequently illustrated with special reference to the economics of Marx and Keynes. The author also raises certain basic issues concerning the social purpose of economic theory and examines to what extent the prevailing system of economic theory serves the purpose.

Part II deals with the problems of economic conflict which is seen here as a pervasive phenom enon, operating alike in the domestic field and in the international field. There is a broad survey of the theory of class conflict, which traces it back to Adam Smith and brings it down to John Stuart Mill who, the author notes, had a vision of a classless society, very similar to that of Marx. It is followed by a study of Gandhi's theory of social conflict and its affinity to the theory of Marx. The subsequent essays deal with the specific problem of interna tional economic integration.

Part III begins with an enunciation of the concept of democratic planning. The author then develops the concept with special reference to planning in India and suggests a socio-economic framework for its effective operation.