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Crony Capitalism and India: Before and After Liberalization

  • Mazumdar, Surajit

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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File URL: http://mpra.ub.uni-muenchen.de/19627/1/MPRA_paper_19627.pdf
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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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  1. Nellis, J., 1999. "Time to Rethink Privatization in Transition Economies?," Papers 38, World Bank - International Finance Corporation.
  2. Rodrik, Dani & Subramanian, Arvind, 2004. "From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition," Working Paper Series rwp04-013, Harvard University, John F. Kennedy School of Government.
  3. 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.
  4. 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.
  5. Mazumdar, Surajit, 2008. "Crony Capitalism: Caricature or Category?," MPRA Paper 19626, University Library of Munich, Germany.
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