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Lost GloryIndia's Capitalism Story$
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Sumit K. Majumdar

Print publication date: 2018

Print ISBN-13: 9780199641994

Published to Oxford Scholarship Online: August 2018

DOI: 10.1093/oso/9780199641994.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 18 September 2021

Capital and Capitalism

Capital and Capitalism

(p.21) 2 Capital and Capitalism
Lost Glory

Sumit K. Majumdar

Oxford University Press

The chapter summarizes the nature of capital and capitalism. The chapter also highlights concepts related to the role of the State in economic activity, and the nature of industrial policy. The initial concepts dealt with are that of capital as a fund, capital as structure and capital as capabilities. Capitalism necessitates socially organizing production. Assessing organizational and administrative contingencies is important for understanding capitalism. Institutions are the bedrock of capitalism. The broad roles of Government, in designing laws and regulations, building infrastructure and acting as entrepreneur, are discussed. The implementation of national industrial strategies facilitates growth. The nature of industrial strategies is highlighted. Industrial policy activities, as defined by the three facets of institutions, innovation and involvement, are discussed. With respect to India’s industrial strategy, independent India’s founders’ visions of a modern industrial society, grounded in a need to involve Government in institution building, are introduced.

Keywords:   capital, capitalism, State role, industrial policy, industrial strategy, institutions, national industrial development

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