February 28, 1976 facto is the postulate underlying all macro- economic analysis. Evidently, planning models ought to devote much attention to how this "identity" gets worked out in practice. In fact, few modellers have made a serious attempt to incorporate Savings-investment interactions, Suresh Tendulkar of the Indian Statistical Institute being a happy exception. Shifts in income distribution and growth patterns to assure that savings adjust to investment are at the core of Tendulkar's model, and Rudra gives it an appropriate amount of space. "Closed loop" savings formulations like Tendulkar's demonstrate that the poor usually end up financing any spurts in economic growth via inflation-forced saving or something similar. Even if one can't attach a quantitative social welfare loss to further immiserisation of the mise- while, calculating its probable magni- via a savings-investment balance DURING the first half of the twentieth century, a widespread 'political awaken- ing' took place in rural India amongst the dominant peasantry. By this it is meant that the peasant groups which had political power within their villages became directly linked to political parties found at district and provincial, and even national, levels. How did this happen? Several answers have been given to this question. The aim of this essay is to examine these various theories in a critical manner, and make a few suggestions of our own.
