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Globalization and Economic Nationalism in Asia$
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Anthony P. D'Costa

Print publication date: 2012

Print ISBN-13: 9780199646210

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199646210.001.0001

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Big business and economic nationalism in India

Big business and economic nationalism in India

(p.59) 3 Big business and economic nationalism in India
Globalization and Economic Nationalism in Asia

Surajit Mazumdar

Oxford University Press

This chapter demonstrates why economic nationalism in India both contributed to and coexists with the liberalization process initiated in 1991, a year of substantial reforms. The chapter captures the about face of India’s capitalists from seeking protection to embracing globalization by examining the outlook of the capitalist class as represented by India’s big business. The chapter argues that this transformation reflects the evolution of Indian capitalism resulting from industrialization under the older autonomous strategy. Furthermore, embracing liberalization became both possible and necessary for India’s capitalists with the Indian state also adjusting to the imperatives of national capitalist development. The state has continued to assist the capitalist class in different ways and in turn Indian capital has gained increased leverage with the state and greater visibility in the world economy. Consequently, Indian capital has expanded globally and become less industrial and more integrated into global production and financial systems.

Keywords:   big business, India, liberalization, industrialization, global production, global financial systems

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