Concluding Remarks on Capitalism, Markets, and Development
To analyze India’s long march to capitalism this study focused on the process of industrial change within the broader context of capitalist heterogeneity. Despite common sets of economic dynamics in market capitalism, the process of development is inherently evolutionary, subject to structural conditions, institutional variations, and divergent outcomes. Hence, the analysis was rooted in unravelling some of India’s political economy dynamics and the consequences of such capitalist development. On some measures India is doing very well. For example, recent economic growth, the IT industry, and exports are all on the upswing. However, on the broader developmental front India has made limited progress in basic education, poverty, and women’s emancipation and worsened income and wealth disparities as evidenced by India’s multiplying millionaires (South Asian Media Net 2004a).
KeywordsMarket Development Foreign Ownership Capitalist Development Local Content Auto Industry
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