ABSTRACT
The explanation to the underlying processes in capitalist economy has been provided using the political economy approach. Prabhat has brilliantly demonstrated that the political economy approach is far superior to the premises and method of analysis of mainstream economics in explaining the capitalist economic development process in the world. The political economy approach to comprehending socio-economic processes and their analysis may provide a way out. The political economy approach was based on the analysis of the role of three socio-economic classes, namely capitalists, landlords and workers in the process of production as well as distribution. The political economy approach continues to offer profound analysis of underlying processes which neo-classical economic theory was unable to capture. The superiority of political economy approach over mainstream economics can be appreciated by another contribution which is included in this volume.
