One Capitalism or Many? Interpreting Indian Industrial Development
The objective of this study is to capture the process of capitalist transformation in India. The starting point is a theoretical account of why the singular logic of capitalism, namely, market exchange for profit based on mainly wage labor, in reality takes many institutional guises. An examination of the “heterogeneity” of capitalist “models” allows us to capture the institutional variety underpinning capitalist evolution. However, these accounts usually describe advanced capitalist economies or their newly successful East Asian counterparts. In the search for institutional variety in these economies, considerable emphasis is placed on agency-based non-market social arrangements for economic coordination or capitalist regulation at both the macro and sector-specific levels.
KeywordsCapital Accumulation Institutional Arrangement Capitalist Regulation Excess Capacity Business System
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