18 SOCIAL SCIENTIST forms of industrial capital have been again and again overwhelmed by the less progressive and more collaborationist forms.6 This situation applies to many other parts of India. The fostering of a reactionary ideology has all the time been accompanied by the reproduction of social relations that has made this possible. The government has now allowed the development of a highly speculative capital market which can be manipulated by unscrupulous wheeler-dealers to the detriment of real industrial progress.7 An attack on the degraded society built by merchant capital, the newly-emerging finance capital and landlords in India requires a frontal assault on the whole ideology of casteism, communalism and collaborationism spread by them and cannot be confined simply to bargaining for higher wages in a few sectors of the country. NOTES AND REFERENCES 1. Dipesh Chakrabarty, Rethinking Working Class History: West Bengal 1890-1940, Princeton University Press, Princeton, 1989. For a critique see A.K. Bagchi, 'Working Class Consciousness*, Economic and Political Weekly, 25 (3), 28 July 1990, 'Review of Political Economy', PE-54 to PE-60. 2. A.K. Bagchi, The Presidency Banks and the Indian Economy 1576-3914, Oxford University Press, Calcutta, 1989, p. 51. 3. A.K. Bagchi, Private Investment in India 1900-1939, Cambridge University Press, Cambridge, 1972, Chapter 6; A.K. Bagchi, The Political Economy of Underdevelopment, Cambridge University Press, Cambridge, 1982, Chapters 2-4. 4. For an analysis of the policies which international capital and internationalised domestic capital has sought to foist on third world countries, see A.K. Bagchi, 'The IMF view of international economic policy and the relevance of Sraffa's critique of economic theory', in K. Bharadwaj and B. Schefold (eds.). Essays on Piero Sraffa, Unwin Hyman, London, 1990. 5. For an analysis of the attitudes of capitalists to workers and the treatment received by the latter in the industrially booming state of Gujarat, see J. Breman, 'Even dogs are better off: the ongoing battle between capital and labour in the cane fields of Gujarat'/ Journal of Peasant Studies, 17(4), July 1990, pp. 446-608. 6. Siddhartha Ghosh, 'Jantrarasik H. Bose' (in Bengali), I^kkhan, Shorash Barsha, 3-4 Sankha, Sharadiya 1390 B.S. (1983 AD); Siddhartha Ghosh, 'Upendra Kishore: Shilpi o Karigar' (in Bengali), Ekkhan, Sharash Barsha, 6 Sankhya, Sharadiya 1391 B.S. (1984 AD); Sudip Chaudhuri, Bengal Chemical 1892-1977: Growth and Decline of an Indigenous Enterprise (mimeo.), paper presented at the National Workshop on Sick Industries Syndrome in India, Gandhian Labour Institute, Ahmedabad, 1988; and A.K. Bagchi, 'Wealth and Work in Calcutta, 1860-1921', in S. Chaudhuri (ed.), Calcutta, the Living City, Vol. I, The Past, Oxford University Press, Calcutta, 1990, pp. 212-23. 7. S.K. Barua and V. Raghunathan, 'Soaring stock prices defying fundamentals', Economic and Political Weekly, 25 (46), 17 November 1990, pp. 2559-62.