State and Capital in Independent India : Institutions and Accumulations

This book presents a historical account of the relationship between state and capital from independence to the liberalization episodes of the 1980s and after. It provides a focused analysis of the organization of business houses, corporate governance structures, labour laws, and the institution of the family and personal laws, and explains the institutional basis of regional differences in accumulation and uneven development in independent India. By addressing questions of agrarian, capital, technology and fiscal constraints which were characteristic of the economy at independence, this book provides an insightful study of the political economy of the role of changing social relations in India after independence. About the Author Chirashree Das Gupta teaches at the Centre for the Study of Law and Governance at Jawaharlal Nehru University, New Delhi. Her research interests are the political economy of institutions, economic history and the history of economic thought. Cover -- State and Capital in Independent India -- Title -- Copyright -- Dedication -- Contents -- Figures -- Tables -- Acknowledgements -- 1 Introduction -- 2 Globalization and Neoliberalism: The Context and the Debate -- 2.1 State and capital in the 'globalization' theses -- 2.2 The 'faulty shell': The economics of neoliberalism -- 2.3 The convergence of 'reforms' as 'globalization' and 'deregulation' in India -- 2.4 Context of neoclassical rationale in India -- 2.5 Five propositions on the Indian transition -- 3 State and Capital in Independent India: The Problematic -- 3.1 Culturalism, ascent of neoliberalism and 'monoeconomics' -- 3.2 The problematic of state and capital in India -- 3.3 Formulating a methodological paradigm -- 3.4 Sources and data -- 3.5 Considerations around time and territoriality -- 4 Policy Regimes and Macroeconomic Outcomes: 1947-1966 -- 4.1 The consensus on state-led capitalist development -- 4.2 Liberalism of state policy: 1947-1956 -- 4.3 Macroeconomic policy -- 4.4 Indicative planning: 1956-1966 -- 4.5 Political economy of indicative planning -- 4.6 Fiscal policy and public sector -- 4.7 Outcomes of indicative planning -- 4.8 The contradictions of indicative planning -- 4.9 Foreign capital in India and Indian capital's early ventures abroad -- 5 Institutionalization of the Regime of Capital in India: 1947-1966 -- 5.1 Mercantile basis of Indian capitalism -- 5.2 Caste and patriarchy in the class basis of the agrarian constraint -- 5.3 Patriarchy, religion and capitalism: HUF and the unit of organization of capital -- 5.4 Capital, labour and state: Institutionalization of wage depression -- 6 Continuity and Change in Capital Accumulation: 1966-1980 -- 6.1 Structural changes in output and investment -- 6.2 Trends in investment and growth: Manufacturing and trade -- 6.3 The class limit to state intervention Figures Tables Acknowledgements 1. Introduction 2. Globalization and Neoliberalism: The Context and the Debate 3. Five Propositions on the Indian Transition State and Capital in Independent India: The Problematic 4. Policy Regimes and Macroeconomic Outcomes: 1947–66 5. Institutionalization of the Regime of Capital in India: 1947–66 6. Continuity and Change in Capital Accumulation: 1966–80 7. Sources of Accumulation: State Intervention and Non- intervention 8. ‘Old Oligopolies and New Entrants’ in the Pharmaceutical Sector 9. Conclusion Bibliography Index ""Discusses the specific relationship between state and capital in forging the dynamic role of institutions of the state and market that form the basis of capital accumulation in economies undergoing transition"--Provided by publisher"-- Provided by publisher