Capitalism in the Indian Social Environment: An Ethnic Perspective

Sushanta K. Mishra and Kumar Kunal Kamal
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Sushanta K. Mishra: IIM
Kumar Kunal Kamal: T. A. Pai Management Institute (TAPMI)

Chapter 14 in Capitalism and the Social Relationship, 2014, pp 228-239 from Palgrave Macmillan

Abstract: Abstract 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).

Keywords: Trade Union; Caste System; Democratic Politics; Labor Class; Protestant Ethic (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-32570-9_14

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DOI: 10.1057/9781137325709_14

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