IDEAS home Printed from
   My bibliography  Save this paper

'Episodes of Liberalisation' or 'The Logic of Capital': The Genesis of Liberalisation in India


  • Matthew McCartney

    () (Department of Economics, SOAS, University of London, UK)


This paper examines the genesis of liberalisation in India, it argues that once we locate its origin we can understand its direction and underlying political economy with much greater clarity. In particular the paper seeks to answer three questions. Why was reform launched in 1991 when the real economy was essentially in good condition? Why did the state choose a neo-liberal policy package when other options were available? Why did the state sustain liberalisation even after the economy had recovered from the immediate crisis? Existing answers to these questions are found to be inadequate. Instead this paper focuses on an alternative explanation that emphasises continuity, the reforms in 1991 can be traced back to the early 1970s. The Momentum of reform was sustained and assumed a particular form due to an underlying 'logic of capital'.

Suggested Citation

  • Matthew McCartney, 2004. "'Episodes of Liberalisation' or 'The Logic of Capital': The Genesis of Liberalisation in India," Working Papers 134, Department of Economics, SOAS, University of London, UK.
  • Handle: RePEc:soa:wpaper:134

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Bhagwati, Jagdish, 1993. "India in Transition: Freeing the Economy," OUP Catalogue, Oxford University Press, number 9780198288473.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:soa:wpaper:134. 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: (Duo QIN). General contact details of provider: .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.