Modern(izing) Indian Capital?
Jason Jackson’s erudite Traders, Speculators, and Captains of Industry shows that, for more than a century, Indian firms labeled as “traditional” capital faced policy hostility, while those considered “modern” were more likely to receive favorable government treatment. Yet how should we understand the modernity of so-called “modern Indian capitalists”? Did Indian capital ever shed its identity as speculators and traders, or was this classification merely a way to block foreign competition?
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