The Hindu Equilibrium Vol. I : Cultural Stability and Economic Stagnation in India, 1500 B.C. - 1980 A.D. Book

This new two-volume study of Indian economic, social, and political history provides a better understanding of various issues related to current Indian economic stagnation, poverty, and society. Lal argues that the ancient Hindus fashioned a social and economic system out of their democratic, ecological, and political conditions which has scarcely changed since its foundation. The social expression of this was the caste system, which Lal sees as developing in response to uncertainty and shortage of labor supply, thus revising the common view that India's economic problems are based on a surplus of labor.