Abstract
Publisher Summary This chapter discusses the formation of usurious interest rates in backward agriculture. Inadequate conventional explanations typically running in terms of a demand-and-supply approach to credit is rejected. It suggests an alternative formulation that brings out more clearly the exploitative mechanism underlying the formation of such usurious interest rates. Though necessarily unrealistic, such a schematized representation is intended to bring into sharp focus the crucial interconnections among certain of the relevant factors, based on some of the peculiar characteristics of the agrarian credit market. The chapter presents a summary of the argument incorporates comments on the possible links between the model and the reality of the agrarian credit market. It also describes some characteristics of the agrarian capital market.
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