New perception of the political economy of development :: A Book Review

Dr L Krishnamangol Singh *

The present book makes an attempt to examine critically the changing perceptions of the political economy of development. The main focus of the book will, however, be on the "new perception" of the political economy of development (i.e. the new thinking or understanding on the political economy of development.

Although the main objective of the present book is focused on the new political economy of development, it also traces the origins of the political economy and "early economic ideas" and their links with the emergence of the economic doctrines of mercantilists and physiocrats. And the book also brings out that these developments of economic ideas or doctrines had led to the emergence of the classical political economy or the classical political economy of development, which was led by Adam Smith (known as Smith).

The book explains that the classical political economy deals with the efficacy and problems of the working of the capitalist economy or the capitalist economic system in a systematic way. It also explains that Smith and other classical economists explored or developed scientific economic concepts and theories of the classical political economy, which was later called or known as economics (science of economics).

The book, however, notes that the political economy of development is within the framework or scope of economics and that its study is treated as a branch or field of economics. The book further pointed out that the standard and scientific theories of capitalist development (i.e. various theoretical issues of development) and the analytical concepts had been developed by Smith (1723-1790) in his famous book, "An Enquiry into the Nature and Causes of the Wealth of Nations" published in 1776.

The short title of the book is the "Wealth of Nations". Thus, the book looks into the evolution or emergence of the political economy of development as a subject or as a branch of economics. The book, however, explains that the study of political economy of development is still a field of economics and that it has scientific theoretical constructs and analytical concepts or aspects, used in the study of the various development issues.

While development economics or economics of growth and development, economic development, planning, etc. have scientific models of growth, theories of growth and development, policy framework or policy aspects of development, using quantitative methods and quantitative economic analysis, the political economy of development has also used different theoretical and analytical, and policy aspects, which are used in the analysis of the various development issues.

And the present book on the new perception of the political economy of development seeks to explain the working of economic systems with its own standard and advanced theories, analytical tools and concepts, and explains the policy issues of the political economy of growth and development.

Thus, the book looks into the critical aspects of the political economy of development, such as the changing perceptions or "new perception" of the political economy of development, mode of production, evolution of the socio-economic formations or societies in terms of production relations and social relations, class struggles, conflicts, markets or market economy and production relations, role of the state and mode of production or class structure and relations, working of the economic systems in terms of production system and relations among the classes, development of productive forces and stages of development in terms of class conflicts and class harmony, etc.

In fact, the analysis of relationships between classes in the economic systems, role of the state or ruling class in the working of the economy, the various contradictions and conflicts among the classes, the modes of production with class conflicts or classless society, etc. formed critical dimensions of the political economy of development, which are closely examined in the present book. The book also touches on various theories of imperialism and their relevance or irrelevance in the political economy of development. The book also emphasises on the national agenda for social and economic development of the countries.

The book further deals with the various principles of the changing perceptions of the political economy of development including the production system and power relations in the working of the political economy of development. Thus the book seeks to deal with the central ideas of the new political economy of development in the light of the changing perceptions of the political economy since the pre-classical period.

Indeed, the book will be useful to the academic community and professionals. It will also be useful to the policy makers, planners, administrators, general public, etc.

Finally, the book intends to give more thoughts on the political economy of development than on the policy aspects. And, the readers can form their judgement on the better management of the national economy of development or the political economy of development and play their academic roles in nation building and national development with reference to the Indian economy including the political economy of development in Manipur. In this context, the book also covers a critical examination of the political economy of border trade and development with reference to NER and Manipur.

Hence, the book is presented to all those who take interest in the principles of political economy of development, and seek to fulfill the development needs of the people and society within the democratic and institutional framework of development of the nation (i.e. India including Manipur).