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Indian Capitalism: A Case that doesn’t Fit?

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  • Mazumdar, Surajit

Abstract

This paper critically examines the ‘Varieties of Capitalism’ (VoC) School’s approach to constructing typologies of capitalisms with reference to the specific case of Indian capitalism. It emphasizes that two factors related to its origin and initial emergence remain crucial for explaining many of the key and sometimes very specific outcomes being generated by the operation of Indian capitalism in its current stage. These factors are, firstly, that Indian capitalism was born out of the womb of capitalist colonialism, and secondly, that no thoroughgoing agrarian transformation happened in India before or after independence. These have strongly conditioned capitalist development in India after independence, first under a more statist and protectionist regime till 1991 and subsequently under a more open and market‐oriented policy in the era of globalization. The transformational impact of this development has been consequently limited, even in comparison to other late‐industrializing Asian capitalisms, and insufficient to transcend these factors. Yet changes have happened over time, which lie behind the break state economic policy made with the past in 1991. The paper argues that such a combination of continuity and change poses some vexing problems for the characterization of contemporary Indian capitalism as a particular variety.

Suggested Citation

  • Mazumdar, Surajit, 2010. "Indian Capitalism: A Case that doesn’t Fit?," MPRA Paper 28162, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:28162
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    File URL: https://mpra.ub.uni-muenchen.de/28162/1/MPRA_paper_28162.pdf
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    References listed on IDEAS

    as
    1. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147.
    2. Crouch, Colin, 2005. "Capitalist Diversity and Change: Recombinant Governance and Institutional Entrepreneurs," OUP Catalogue, Oxford University Press, number 9780199286652.
    3. Dore, Ronald, 2000. "Stock Market Capitalism: Welfare Capitalism: Japan and Germany versus the Anglo-Saxons," OUP Catalogue, Oxford University Press, number 9780199240616.
    4. Dore, Ronald & Lazonick, William & O'Sullivan, Mary, 1999. "Varieties of Capitalism in the Twentieth Century," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 15(4), pages 102-120, Winter.
    5. Michael Carney & Eric Gedajlovic & Xiaohua Yang, 2009. "Varieties of Asian capitalism: Toward an institutional theory of Asian enterprise," Asia Pacific Journal of Management, Springer, vol. 26(3), pages 361-380, September.
    6. Hall, Peter A. & Soskice, David (ed.), 2001. "Varieties of Capitalism: The Institutional Foundations of Comparative Advantage," OUP Catalogue, Oxford University Press, number 9780199247752.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Varieties of Capitalism; India; Third World;
    All these keywords.

    JEL classification:

    • P17 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Performance and Prospects
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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