Capitalist Competition, Consumption, and Contradictions of Industrial Transformation
Market expansion in India has been undoubtedly solid as evidenced by the growth of the vehicle industry. Not only has demand increased to unprecedented levels but there has been considerable diversity in the composition of demand. From the supply side firms have kept up with market growth with new products — parts and components — and adopted institutional arrangements, which have contributed immensely to production flexibility. The Indian state contributed to the class of consumers through state-led industrialization in general. But most importantly it transformed itself from a passive regulator to an active participant in the industry. It formed the key joint-venture in the Indian auto industry with majority equity, regulated industry participants, and ultimately facilitated the internationalization of the industry through economic liberalization, deregulation, and privatization.
KeywordsIncome Group Capitalist Regulation High Income Group Excess Capacity Market Growth
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