30 October, 2020

The Money Is Manacled

All physical, social and political coordinates assail capitalism in India

The Money Is Manacled

Unlike capitalism in the West, Indian capitalism is not quite in dire crisis, even though there has been some perceptible decline in business confidence lately. The crisis in the West will, of course, adversely affect Indian exports and foreign investment, but the engine of growth in India remains largely domestic, the significant opening to globalisation in the last two decades notwithstanding.

Unlike the West, India has a large young population with a great, and as yet substantially untapped, potential for entrepreneurship and a relatively high savings rate with the potential of funding such ventures. People praise Indian entrepreneurs’ various design innovations and remarkable capacity for improvisation (‘jugad’). But, in the realisation of the great potential, there are quite a few formidable roadblocks. One relates to the deficiencies of various ingredients of capitalist production in India and the other, at a deeper level, to the perceived legitimacy of capitalism in the eyes of the general...



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