At the core of Jason Jackson’s Traders, Speculators, and Captains of Industry is a longstanding conversation among Indian modernizers about how to identify and nurture the ‘right’ kind of capitalists. Yet this is not just an Indian story. Struggles over “good” and “bad” businessmen have structured political life in all capitalist societies, and the book’s deeper implication is that morality tales about virtuous entrepreneurs and predatory speculators are less descriptions of economic reality than prescriptive efforts to shape it.

Jason Jackson’s Traders, Speculators, and Captains of Industry argues that capitalist societies develop a moral hierarchy of market actors, enabling certain firms to position their interests as good for society and thus deserving of regulatory protection. Though focused on India, the book also invites reflection on the recent return of patrimonial capitalism in the United States: is this merely an inversion of the prevailing moral hierarchy, or a post-moral turn in which firms no longer justify their privileged status in terms of a shared future?

In today’s seemingly deglobalizing economy, policymakers across the world are in a quandary over how to regulate foreign firms. Should policymakers prevent foreign firms from attaining dominant market positions in order to prop up domestic industry? Or should they permit foreign firms to establish ownership and control of domestic markets in the hope of accelerating industrialization, economic modernization, and societal transformation? As Traders, Speculators, and Captains of Industry shows, such decisions are shaped by deeply institutionalized and highly contested moral beliefs about business actors and practices.