Continuity and Change in Indian Capitalism
AbstractThis paper explores the elements of continuity and change associated with Indian capitalism’s transition to its liberal phase after 1991. While acknowledging the significant changes since then, it is argued that the origins, nature, and consequences of Indian liberalization cannot be understood without recognizing the important continuities between the pre- and post-liberalization phases. Its colonial origins and the absence of a thoroughgoing agrarian transformation, and other stable features associated with these, remain crucial for explaining the key and sometimes very specific outcomes being generated by Indian capitalism. Indian capitalism after liberalization is less different than what it was before than might appear at first sight, and some of the difference is only a reinforcing of its inherent characteristics. Indian capitalism has always exhibited a strong tendency for generating uneven development. The change implied in that uneven development lay behind the shift from a dirigiste strategy to liberalization, which in turn has made the uneven development tendency stronger. The paper concludes with some reflections on the ‘Varieties of Capitalism’ perspective with reference to the case of Indian capitalism.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 38907.
Date of creation: Oct 2011
Date of revision:
Capitalist Varieties; India; Liberalization;
Find related papers by JEL classification:
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-05-29 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147.
- Mazumdar, Surajit, 2008. "Investment and growth in India under liberalization: Asymmetries and Instabilities," MPRA Paper 19629, University Library of Munich, Germany.
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- Dore, Ronald, 2000. "Stock Market Capitalism: Welfare Capitalism: Japan and Germany versus the Anglo-Saxons," OUP Catalogue, Oxford University Press, number 9780199240616.
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