Capitalism
In a cluster of works, I study how markets, entrepreneurship, business organization, and private enterprise evolved beyond the classic Western experience. By examining merchants, artisans, industrialists, and family firms, I show how capitalism adapted to diverse cultural, legal, and political settings. Rather than treating capitalism as a model exported from Europe, I emphasize the variety of capitalist traditions shaped by local histories and opportunities. My work also explores the relationship between business and the state, the importance of informal institutions, and the resilience of indigenous enterprise under colonial and postcolonial conditions, revealing capitalism as a dynamic and adaptable system.
Business History of India traces three centuries of enterprise in a capital-scarce economy, showing how firms and entrepreneurs used innovation, networks, and global connections to overcome constraints, principally capital scarcity. Linking business and economic history, it explains the emergence of Indian capitalism and the roots of modern economic growth.
