Lost Glory

Lost Glory: India’s Capitalism Story describes India’s industrialization experiences. Questions about long-term industry and productivity evolution, and their impact on economic growth, lie at the heart of discourses of capitalism. The book is based on detailed empirical analyses of India’s industrialization over a period of almost seven decades, and a case study of Maruti Suzuki, India’s largest automobile manufacturer. The deeply nuanced depiction of the historical political economy that has affected India’s industrialization is a unique feature. This history will enlighten everyone interested in India. The presentation takes readers on a definitive evidence-based survey of India’s industrial landscape. It includes a detailed historical description of the intellectual origins of India’s modern industrialization, anchored in a privileged view of economic policymaking. Grounded in historical and political analyses, the facts derived on India’s long-term economic performance are used to set the record straight. It is unsparing in its assessments where the evidence warrants such conclusions. Its findings will transform debate, and set the agenda for thoughtfully assessing the future course of India’s prosperity. The author overturns the assumptions that India’s much-vaunted private sector firms only engender positive outcomes, finding State-sector firms to have become efficient, and the molecular sector to be as effective overall, while also challenging the notion that privatization is necessary for progress. Conversely, it is found that competition policy innovations to have had positive impact. Practical suggestions are provided and three fundamental reforms, one administrative, one structural, and one behavioral, necessary to regenerate high output, are advocated.