Accumulation, Exchange and Development

First published in 1994, Accumulation, Exchange and Development is a collection of eleven essays that intertwine the late Professor Krishna Bharadwaj's two major research interests: classical political economy and development studies. Divided into three parts, the essays explore the structures of production and exchange in developing economies and their relationship with accumulation dynamics. Combining classical political economy principles with studies of India's economy, particularly the agrarian sector, Bharadwaj offers insights into formulating a meaningful theory of development. The first section addresses analytical and theoretical issues in development, advocating for the classical political economy's accumulation approach over the dominant neo-classical framework. The second section examines India's agrarian economy, introducing Bharadwaj's seminal concept of "interlinked markets" and demonstrating how diverse production and exchange processes integrate into the macroeconomy. The final section critiques India's developmental strategy, questioning its focus on commodities and technology while sidelining labour as the core of accumulation. With a new foreword accompanying this reissue, Accumulation, Exchange and Development remains essential reading for scholars of economic theory, political economy, and development economics.