Capitalism in the Indian Social Environment: An Ethnic Perspective

Mishra, Sushanta K and Kumar, Kunal Kamal (2014) Capitalism in the Indian Social Environment: An Ethnic Perspective. In: Capitalism and the Social Relationship:An Organizational Perspective. Palgrave Macmillan, London, pp. 228-239. ISBN 978-1-349-45949-0

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In early 20th century, Max Weber, in his seminal treatise ‘The religion of India — The sociology of Hinduism and Buddhism,’ argued that capitalism would remain weak in India because the ancient religions of India have no element of the Protestant ethic, a necessary element for the growth and development of capitalistic thoughts. Weber argued that the irrational approach of Indian religious traditions, consisting of such dogmas as the samsara (illusionary world) and karma (doctrine of divine compensation), created a system that was highly traditional and progress-inhibiting (Weber, 1958, p. 118). He argued that the two dogmas together gave rise to a system that was anti-capitalistic in nature. Weber further argued that such a system would fail to arrive at what he called the ‘spirit of capitalism’ (Weber, Parsons & Tawney, 1930). The decades to come would provide the much needed fuel to Weber’s argument: With India’s GDP growing at the stealthy 3.5 percent and its per capita income at 1.3 percent, its story was widely touted as the walk of the elephant, and its economic expansion was termed the ‘Hindu Rate of Growth’ (Kaushik, 2012). But the last two decades have charted a new story: India has marched ahead with impressive growth rates and is widely predicted to become a major economic power in the coming years (Wilson & Purushothaman, 2003).

Item Type: Book Section
Uncontrolled Keywords: Trade Union;Caste System;Democratic Politics; Labor Class; Protestant Ethic
Subjects: Economics
Economics > Labour Economics
General Management > General Management
Human Resource Management > Employee_labour Relations
Divisions: General Management and Enterpreneurship
Depositing User: Mr. Muralidhara D
Date Deposited: 26 Oct 2018 06:54
Last Modified: 27 Oct 2018 09:28

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