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Crony Capitalism and India: Before and After Liberalization

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  • Mazumdar, Surajit

Abstract

This paper, the second in the series, initiates the examination of the nature of the relationship between private capital and the State in India. While the principal focus is on the present context of India under a liberal economic policy regime, both the past of Indian capitalism and the past discussion on the concentration of economic power are also brought into the picture to substantiate the key arguments. The paper provides theoretical and also some limited empirical substantiation for the proposition that unlike what would be the prediction of crony capitalism theory, liberalization, rather than reducing the degree of subordination of public authority to private capital, has only facilitated an enhanced degree of state capture

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19627.

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Date of creation: Mar 2008
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Handle: RePEc:pra:mprapa:19627

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Keywords: India; Crony Capitalism; Liberalization; Concentration;

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  1. Rodrik, Dani & Subramanian, Arvind, 2004. "From 'Hindu Growth' to Productivity Surge: The Mystery of the Indian Growth Transition," CEPR Discussion Papers 4371, C.E.P.R. Discussion Papers.
  2. Nellis, J., 1999. "Time to Rethink Privatization in Transition Economies?," Papers 38, World Bank - International Finance Corporation.
  3. Tarun Khanna & Krishna Palepu, 2000. "Emerging Market Business Groups, Foreign Intermediaries, and Corporate Governance," NBER Chapters, in: Concentrated Corporate Ownership, pages 265-294 National Bureau of Economic Research, Inc.
  4. Arvind Virmani, 2004. "India's economic growth: From socialist rate of growth to Bharatiya rate of growth," Indian Council for Research on International Economic Relations, New Delhi Working Papers 122, Indian Council for Research on International Economic Relations, New Delhi, India.
  5. Mazumdar, Surajit, 2008. "Crony Capitalism: Caricature or Category?," MPRA Paper 19626, University Library of Munich, Germany.
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Cited by:
  1. Damien Krichewsky, 2010. "Negotiating the Terms of A New Social Contract: Private Companies, Civil Society and the State in India," Working Papers id:2394, eSocialSciences.
  2. Mazumdar, Surajit, 2011. "Continuity and Change in Indian Capitalism," MPRA Paper 38907, University Library of Munich, Germany.

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