Cultural Influences on Economic Thought in India: Resistance to diffusion of neo-classical economics and the principles of Hinduism
This paper analyses the reasons why, despite the ascendancy of ?liberalising? neo-classical economics in the 1980s, many Indian economists have remained determinedly resistant to the IMF/World Bank pro-stabilisation and structural adjustment arguments that so dominate global political economic thinking. We argue that part of the objection to economic ?global liberalisation? in India is explicable from the significant, but not exclusive, role played by Hinduism and caste in producing a distinctive form of society in India. Caste arguably gives deep cultural legitimation to socio-economic perspectives grounded on non-individualism, ones with a strong sense of collective peer group awareness, albeit segmented into hierarchial distributional sub-groups. Despite the glaring inequalities and corruption in Indian society, the concept of dharma is still consistent with an ideal of a strong civil society which has high levels of trust and confidence, and which appears to offer security and certainty. We contend that there is a deep-rooted, ?national? ideological predisposition in India to a position in economic thought which is broadly consistent with western neo-Ricardianism and some versions of the new institutional economics, albeit one in which caste to some degree plays the theoretical role of class. This coherent body of a broader socio-cultural thought arguably explains some of India's continued resistance to the economics of global liberalisation.?
Volume (Year): 6 (2001)
Issue (Month): 2 (September)
|Contact details of provider:|| Postal: Burton Street, Nottingham, NG1 4BU|
Web page: http://www.economicissues.org.uk
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:eis:articl:201cameron. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dan Wheatley)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.