By Chirashree Das Gupta
This publication offers a ancient account of the connection among nation and capital from independence to the liberalization episodes of the Eighties and after. It offers a concentrated research of the association of industrial homes, company governance constructions, labour legislation, and the establishment of the relations and private legislation, and explains the institutional foundation of nearby changes in accumulation and asymmetric improvement in self reliant India. by way of addressing questions of agrarian, capital, expertise and financial constraints that have been attribute of the financial system at independence, this ebook offers an insightful research of the political economic climate of the function of fixing social kinfolk in India after independence.
About the Author
Chirashree Das Gupta teaches on the Centre for the learn of legislations and Governance at Jawaharlal Nehru collage, New Delhi. Her study pursuits are the political financial system of associations, monetary background and the historical past of financial suggestion.
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Additional info for State and Capital in Independent India: Institutions and Accumulations
Apart from this huge state-led expansion of telecommunications, the most significant policy was to reduce direct taxation, to facilitate the increase in consumption demand, compensated by sharp increases in public borrowing and deficit financing. The actual trends in public finance in India in this period had seen the expansion of public expenditure associated with increased reliance on deficit financing, indirect taxation and commercial borrowing. Further, these shifts had involved a divorce between development goals and actual resource allocation, increased decentralization of public expenditure decisions and a preference for consumption over investment spending (Iyer, 1991; Datta, 1992; Kurien, 1994; Harriss, 2001).
The analysis of ‘transaction costs’ was developed to explain why institutions like the firm existed (Coase, 1960). This allowed neo-classical economics to begin to develop tools that could be used to challenge the efficiency of non-market institutions. The development of the concept of X-efficiency (Leibenstein, 1966) deepened the argument for competition by showing that ‘technical efficiency’ was different from ‘allocative efficiency’. Even if all the conditions for allocative efficiency did not exist, competition could reduce intraorganizational slack and encourage innovation over time (Vickers, 1995).
The obfuscating nature of the term ‘reforms’ and how these set of policies differed from earlier policies of ‘reform’ in independent India have been interpreted by various practitioners of political economy as a structural break in paradigms of economic policy from a state-guided and state-led dirigiste path to capitalism to a market-led neoliberal process (Chandrasekhar and Ghosh, 2002). The mainstream of the discipline of economics have largely lauded this as a gradual shift towards a ‘market-led’ economy aimed at improving ‘allocative efficiency’, and ‘productivity increase’ based on the ‘comparative advantage’ of a cheap labour force and ‘competitiveness’ based on the mobility of capital within and across sectors in the economy (Bhagwati, 1998; Ahluwalia, 2002; Pushpangadan and Shanta, 2006).