In the first part, we deal with K. Murali’s concept of bureaucrat capitalism and bureaucratic bourgeoisie. In the process, we discuss the general yardsticks to determine the character of a capitalist class and therefore discuss the concepts of comprador-bureaucratic bourgeoisie, national bourgeoisie, imperialist bourgeoisie and ‘junior partner’ or what Mao termed as ‘reactionary national bourgeoisie’ in the light of writings of Mao Tse-tung and other comrades from the Chinese Communist Party. We also discuss Murali’s reading of the history of Indian capitalism and Indian bourgeoisie in the light of some authoritative historical works. In the second part, we will deal with Murali’s concept of semi-feudal relations in agriculture, in general, including the questions of feudal ground-rent, absolute and differential capitalist ground-rent, lease-price, forms of tenancy and the role of usury.