'Capital as power': an alternative reading of India's post-2011 economic slowdown. Issue 1 (2nd January 2023)

• Record Type: Journal Article
• Authors: Kothakapa, Gouthami; Sirohi, Rahul A.
• Is Part Of: Area development and policy. Volume 8:Issue 1(2023)
• Page Start: 37
• Page End: 59
• Publication Date: 2023-01-02
• Subjects: capital as power -- economic slowdown -- Indian economy -- neoliberalism; 资本及力量 -- 经济下滑 -- 印度经济 -- 新自由主义; capital como poder -- recesión económica -- economía india -- neoliberalismo; Капитал как власть -- Экономический спад -- Индийская экономика -- неолиберализм; Regional planning -- BRIC countries -- Periodicals; Economic development -- BRIC countries -- Periodicals; Rural-urban relations -- BRIC countries -- Periodicals; Human geography -- BRIC countries -- Periodicals; Regional planning -- Developing countries -- Periodicals; Economic development -- Developing countries -- Periodicals; Rural-urban relations -- Periodicals; Human geography -- Developing countries -- Periodicals; 338.90091724
• DOI: 10.1080/23792949.2022.2043172
• Languages: English
• ISSNs: 2379-2949

Abstract

ABSTRACT: A study of the post-2011 economic slowdown in India that challenges liberal and Keynesian interpretations by drawing on Nitzan and Bichler's argument of 2009 that modern-day capitalist activity is shaped primarily by differential rather than absolute accumulation and the accumulation of power so as to squeeze and lock out competitors, monopolize resources, sabotage production and acquire unused capacity. In an exploration of the deep-rooted entanglements of power, crisis and accumulation, firm-level data from India are examined to show that a growth slowdown, economic crisis and destruction of the livelihoods of millions of people have provided an opportunity for top corporate houses to entrench their power and wealth. Crisis, in other words, has been good for business.