Perspectives On the Indian Corporate Economy: Exploring the Paradox of Profits (International Political Economy)

Jun 29

Ebook Free Download | Perspectives On the Indian Corporate Economy: Exploring the Paradox of Profits (International Political Economy) | As this book goes to press, exactly ten years have passed since the economic reforms were formally launched in India. What was initiated as a response to a deep and intractable crisis exacerbated by `external’ pressures, has since evolved into a highly focused and coherent policy regime. This regime comprises three primary elements: a reduction in the role of the state, an enhancement of the market, and the development of a symbiotic relationship between domestic and global capital.
Central to this transition is the neo-liberal faith in private enterprise as the primary agent of development ± and the specific assumption that India’s failure to achieve the `economic miracle’ lies in its repressive approach to private enterprise. This shift in emphasis towards private enterprise marks the end of the mixed economy model that characterized India over the last five decades. According to this model, the state was to undertake two somewhat contradictory tasks. On the one hand, it was to actively aid, promote and subsidise the accumulation of private capital. On the other hand, the state was to legitimise such accumulation by ensuring that it did not jeopardise certain minimal requirements of social equity. Most importantly, it was to contain untrammelled growth of private accumulation by retaining control over the general direction of the economy through its Five-Year Plans. Second, the state was to directly own, control and operate large-scale enterprises in some key sectors of the industrial economy. Third, to whatever extent possible, the state was to provide some basic elements of welfare to its citizens.

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