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The different structures of production and exchange prevalent in a developing economy and their interrelationship with the dynamics of accumulation are the focus of this book. By combining principles of classical political economy with specific studies of the Indian economy, particularly agriculture, the author shows how a meaningful theory of development can be formulated.

Part One delineates the contrasting structures of classical political economy and the now dominant `neoclassical' theory. Part Two explores the structure of the Indian agrarian economy and includes Professor Bharadwaj's seminal idea of `interlinked markets'. Part Three raises issues on the contradictory course of Indian development.