Subject(s): Capitalism -- Socialism -- Basic postulates of capitalism and classical economy : Philosophy of capitalism, harmony of private and social interest, institutional setting, accumulation and equilibrium -- Socialist attack on capitalism : Precursor of socialism-sismondi, Pre-Marxian socialists, Associationaists, Anarchists, Saint simon and the saint simonists, Materialistic interpretation of history and class struggle, Marxian economics-labour theory of value, surplus value, rate of profit ,Reforms -- Socialism in China: Great leap forward 1958-61, New economic policy 1961-64, Cultural revolution, Recent changes in china's economy, Open door policy, Institutional changes in agriculture and industry -- Socialism vs Capitalism -- Development planning: Types of planning, Physical and financial planning, Imperative and indicative planning, Prospective plans, medium term plans and one year plans, Sectoral and area planning, Objectives of economic planning: Increasing national income and improving standard of living , increasing investment-income ration, Reduce inequalities in income and wealth, employment opportunities, institutional and structural changes -- Problems of development in developing countries: Characteristics of developing countries, Factors and Barriers to economic development -- Planning in India -- Objectives, Nature of Indian planning , Democratic planning, Decentralized planning, Socialism in India, Realtion between private and public sector, operational control, mixed economy , Five year plans, Patterns of investment, Methods of resource mobilization, Foreign aid , Policy framework -- Critique of Indian planning -- Review of the progress of the economy, Poverty, inequality, unemployment, poverty, inequality in income, economic wealth, inflation , Unemployment, Regional imbalance, Policies and programmes, planning techniques, capital formation, resource management and utilisation, investment priorities, Social justice, rural development, fixation of ceiling, agricultural development, processing industrial and labour intensive , technology, creation of assets and additional employment -- Multinational corporation: Character and economic of multinationals, Multinationals in developing countries