48 SOCIAL SCIENTIST sense that while maintaining the coalition with the present rules of the game, it is not possible to stimulate the growth of industry. There is however natfnng sacrosanct about the growth of industry as such, from the viewpoint of private capital, small or large; what matters to capital is the opportunity to grow larger, and as long as there is plenty of that opportunity ^through investment in land, services, financial assets, etc., the individual capitalists need not perceive the crisis. But industrial growth is an objective necessity for the system to continue, since given the political system described above, stagnating industry and productivity will imply that the growth of capital is taking place simply by a redistribution of income against the members outside the coalition. And that is the most disturbing for the State that embodies the political system, since it increases the probability of attack on the coalition from outside. NOTES AND REFERENCES 1. For somewhat more detailed discussion of the fiscal crisis see: Amal Sanyal, "The Economic Policy: An Overview', in Social Scientist, No. 151,1986; (also reprinted in India's New Economic Policy, Ruddar Dutt (ed.), S. Chand & Co., Delhi, 1987). 2. Speech delivered at the Annual General Meeting of the Indian Institute of Bankers: August 1960, by the Governor, Reserve Bank of India. 3. A survey of the literature on estimating the demand for money can be obtained in A. Vasudevan, 'Demand for Money in India: A Survey of Literature', RBI staff occasional papers. Vol. 2 (1), 1977. An attempt to relate demand to inflationary expectations is to be found in M.S.Trivedi, 'Inflationary Expectations and Demand for Money in India (1951-1975)', Indian Economic Journal, 1980. A more recent survey may be found in S.B. Gupta, Monetary Planning in India, Oxford University Press, Delhi, 1979. 4. For a discussion of some social and legal aspects of encroachment by State in India on common property see Chhatrapati Singh, Common Property and Common Poverty, Oxford University Press, Delhi, 1986. 5. This has been noted in an interesting paper by Abhijit Sen, 'Shocks and Instabilities in an Agriculture-constrained Economy —India 1964-1985', Social Scientist, 1986. 6. For the modus operandi of financing the production of films for example see T.Timberg and C.V.Aiyer, 'Informal Credit Markets in India', Economic and Political Weekly, Annual Number, 1980. 7. For a description of the strangle hold of control of small groups over commercial banking in India before nationalisation, see D.N.Ghosh, Banking Policy in India, Bombay, Allied Publishers, 1979. 8. For the economic consequence of indivisibility of the most coveted asset see Amal Sanyal, 'Indivisibility and Asset Choice', Indian Economic Journal:, 1981. 9. The stabilisation attempts involve the government into a difficult dilemma. See in this connection Amal Sanyal, The Stock Market and the Financial Institutions', Economic and Political Weekly, 1986. 10. F.Engels, in the appendix to Capital, Vol. III. 11. For macroeconomic implications of this situation see Amal Sanyal, 'Borrowing from the Rich', Economic and Political Weekly, 1986. 12. See Arun Ghosh, 'From the Ivory Tower: Black Money Clout and the Indira Vikas Patra^Economic and Political Weekly, December, 1986.