This book provides a historical background to the formation of the Indian capitalist class from before British colonial rule in India. It analyses the nature of that class, the ways in which it changed under colonial rule, and the state of independent India; it also sets some of the peculiarities of capitalist organization in India and the ideology of big capital in their historical context. The evolution of the working class in India is analysed in its dialectical interaction with global capital and Indian capitalism. The author challenges the view that the tensions within working class movements caused by caste, communal divisions or gender discrimination are to be attributed to primordial loyalties, emphasizing instead the influence of the deliberate strategies adopted by capitalists and of changes in the structure of global and Indian capitalism. Finally, the book investigates the impact of capital-friendly liberalization on the fortunes of the working class in the Third World.