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Drawing on a number of case studies from Tamil Nadu, this paper shows that bonded labour is not a relic of the past, but surprisingly contemporary. Refuting the tenets of the semi-feudal thesis, we argue that unfree labour can go hand in hand with capitalism, and that it can be initiated and sustained by capital itself in order to accumulate surplus value. Going against the tenets of the de-proletarianization thesis, we suggest that bonded labour is not always the preferred working arrangement for capitalism. Bonded labour should be examined in connection with specific historical contexts, the changing nature of the economy, the evolution of political forces and modes of socialization. I argue that bonded labour results from a specific regime of accumulation characterized by cheap labour, increased domestic demand sustained through household debt, as well as modes of conflict, contestation and worker identity formation that engage with both governmental programmes and consumerism. [ABSTRACT FROM AUTHOR]

The concept of 'financial inclusion' has become a central trope that legitimates a wide range of contemporary development practices. By constructing a new object of development - the 'financially excluded' - it facilitates the expansion of an increasingly corporatized microfinance technocracy. The present paper problematizes the underlying binaries of inclusion/exclusion and formal/informal finance upon which this narrative is based. Through an examination of the 2010 Andhra Pradesh microfinance crisis, it demonstrates key contradictions within the discourse and practices of commercial microfinance. In so doing, it demonstrates why the narrative of financial inclusion and its correlate notion of 'consumption smoothing' are inadequate tools with which to conceptualize the political economy of contemporary agrarian change. [ABSTRACT FROM AUTHOR]