But if imperialism (in the form of colonialism) lay at the genesis of capitalism, the system requires imperialism for its functioning all through its history. In the early phase of capitalism, Habib argues, imperialism is necessary for preventing the falling tendency of the rate of profit and this is achieved through the imposition of 'imperialism of free trade'. In the later phase of capitalism as monopolies emerge and rival imperialist powers compete among themselves, the character of imperialism undergoes a transformation, though it still remains imperialism. In short, capitalism is inconceivable without imperialism, a proposition which has far-reaching implications. The text of Professor Hiren Mukerjee's P. C. Joshi memorial lecture is a highly sensitive personal account of his perceptions regarding the failures of socialism even in the midst of its glory, the failures of the revisionist leadership that came to the helm of affairs in the Soviet Union, and the nature and enormity of the tragedy that has overtaken mankind by the collapse of the socialist project. A revival of this project is inherent in mankind's quest for liberation, a proposition based not on faith but on the conviction that capitalism, no matter what its current triumphs, represents a remarkably flawed system. This issue also contains two other papers, one by Meenakshi Thapan exploring the prevailing definitions of womanhood in contemporary urban Indian society, and the other by Parthasarathi Mondal which uses the concept of hegemony to throw light on the problem of peoples' participation in the National Mental Health Programme.