Schumpter's daring and dashing entrepreneur is now a legendary figure from the distant past - if not from the mythology of capitalism - or is to be found only in the demimonde of business, founding new ice cream parlors or "deep freeze subscription clubs".

The principal impact of foreign enterprise on the development of the underdeveloped countries lies in hardening and strengthening the sway of merchant capitalism, in slowing down and indeed preventing its transformation into industrial capitalism.

The present Indian government, however, is neither able or willing to accept the challenge and to provide the leadership in breaking the resistance of urban and rural interests.

Schumpter's daring and dashing entrepreneur is now a legendary figure from the distant past - if not from the mythology of capitalism - or is to be found only in the demimonde of business, founding new ice cream parlors or "deep freeze subscription clubs".

The alarm must be sounded because it is the economic and social system of capitalism and imperialism that prevents the urgently needed full mobilization of the potential economic surplus and the attainment of rates of economic advancement that can be secured with its help.

Indeed, the "whole bourgeoisie" on whose behalf the government was acting as its "committee" was a composite of a vast multitude of businessmen appearing as a conglomeration of many different and divergent groups and interests.

As Hegel well knew, the ascent of reason has never followed a straight line.