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Planning And The Fate Of Democracy: State, Capital, And Governance In Post-Independence India

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Chapter Summary

This chapter focuses on the economic transformation of India in the post-independence period to its implications for democracy in the context of inequality and hierarchy. It presents the historical and structural obstacles facing an indigenous thrust towards capitalism by Indian capitalist classes, and their use of the state in overcoming these barriers. A key argument advanced in the chapter is that any theoretical understanding of 'state capitalism' requires, as one of its basic premises, a comprehension of the motives for state intervention in economic processes and relations, and the benefits that various dominant fractions of a social formation stand to gain from this intervention. Contemporary critics commented on the similarity of the Bombay Plan with the approach of the first Five Year Plan of the Government of India.

Keywords: Bombay Plan; post-independence period; state capitalism



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