ABSTRACT
The rest of this volume concerns itself with a construct of how class forces, operating through terms of trade, affect the prospects and modality of growth in a poor country. While the discussion will be along fairly general lines, the focus is on drawing inferences from recent developments in India. As will be seen, the analysis takes off broadly from Kalecki’s formulations relating to the degree of monopoly power and the viability of an intermediate regime. Unlike in Kalecki, however, the issue of the terms of trade is explicitly brought to the fore.
