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The State, Capital and Development in ‘Emerging’ India

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  • Mazumdar, Surajit

Abstract

India’s story of the last two decades since the country made a transition to a liberal economic policy regime has many sides to it that may be considered somewhat remarkable in the light of her historical legacy. India has in this period certainly been an important part of the story of the ‘rise of the rest’ and appears to be one of the most successful cases of increased integration into the global economy despite her less remarkable history of industrialization. Instead of losing ground in global competition, Indian big business which till then had grown in the sheltered environment provided by protectionism has experienced a growth more rapid than in the past and stepped on to the global stage. Two decades of development under liberalization, however, has also had a very exclusive character, its narrow social base precluding the possibility of any broad social consensus on liberalization. The durability of such a process in the background of India’s long and stable history of having a formal political structure of representative democracy based on universal adult suffrage is then another of its remarkable features. This paper tries to explain how these phenomena that may appear surprising at first sight, are mutually interrelated and linked up with the process of liberalization itself.

Suggested Citation

  • Mazumdar, Surajit, 2012. "The State, Capital and Development in ‘Emerging’ India," MPRA Paper 36413, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:36413
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    References listed on IDEAS

    as
    1. Mazumdar, Surajit, 2008. "Investment and growth in India under liberalization: Asymmetries and Instabilities," MPRA Paper 19629, University Library of Munich, Germany.
    2. 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.
    3. Deepak Nayyar, 2008. "The Internationalization of Firms From India: Investment, Mergers and Acquisitions," Oxford Development Studies, Taylor & Francis Journals, vol. 36(1), pages 111-131.
    4. Mazumdar, Surajit, 2011. "The State, Industrialization and Competition: A reassessment of India's Leading Business Enterprises under Dirigisme," MPRA Paper 47810, University Library of Munich, Germany.
    5. K, S Chalapati Rao & Dhar, Biswajit, 2011. "India's FDI Inflows: Trends and Concepts," MPRA Paper 29153, University Library of Munich, Germany.
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    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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