Chapter

Big business and economic nationalism in India

Surajit Mazumdar

in Globalization and Economic Nationalism in Asia

Published in print June 2012 | ISBN: 9780199646210
Published online September 2012 | e-ISBN: 9780191741630 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199646210.003.0003
Big business and economic nationalism in India

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This chapter demonstrates why economic nationalism in India both contributed to and coexists with the liberalization process initiated in 1991, a year of substantial reforms. The chapter captures the about face of India’s capitalists from seeking protection to embracing globalization by examining the outlook of the capitalist class as represented by India’s big business. The chapter argues that this transformation reflects the evolution of Indian capitalism resulting from industrialization under the older autonomous strategy. Furthermore, embracing liberalization became both possible and necessary for India’s capitalists with the Indian state also adjusting to the imperatives of national capitalist development. The state has continued to assist the capitalist class in different ways and in turn Indian capital has gained increased leverage with the state and greater visibility in the world economy. Consequently, Indian capital has expanded globally and become less industrial and more integrated into global production and financial systems.

Keywords: big business; India; liberalization; industrialization; global production; global financial systems

Chapter.  10009 words.  Illustrated.

Subjects: Business and Management

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