India: From Failed Developmental State Towards Hybrid Market Capitalism

This article provides an overview of the institutional structure of the business system of India. It explores the role of the state, the financial system, ownership and corporate governance, the internal structure of the firm (management), employment relations, education and skills formation, inter-company relations (networks), and social capital. It highlights the importance of the influence of British colonial rule and the role of the state in the development of the Indian business system and shows peculiarities of India’s employment relations regime, with particular focus on India’s labour unions and recent trends in industrial action. This article contributes directly to the business systems and varieties of capitalism literature and identifies institutional contingencies for comparative and international social science research in general