South Asia was captured by the East India Company, and the wealth of its people systematically extracted over centuries. This is different from the many other local wars and invasions that happened in India before and during this time, where either the invaders left after stealing wealth once, or they stayed and generally tried to improve the area they captured. Systematic extraction of wealth was only a feature of capitalist firm made of people who said they were distinct from you, and superior (please note 'race' was invented by Europeans).
So, hate for capitalism is pretty old in certain parts of the world.
> hate for capitalism is pretty old in certain parts of the world.
I would like to have a different take. India has a strong merchant class since aeons and market economy was never a taboo culturally. You can see that in the entrepreneurs like Bansals, Agrawals, Shahs that are at the helm of Indian Unicorns. So yes, there is a skepticism about 'western' capitalism, but not for market economics.
This strong merchant class is also a strong minority. Ever since India became a nation it has staunchly stood against free-market policies and its popular vote overwhelmingly supports policies of regulation, subsidies and handouts as against privatization.
> Ever since India became a nation it has staunchly stood against free-market policies and its popular vote overwhelmingly supports policies of regulation, subsidies and handouts as against privatization.
I don't see how we disagree. I am aware that capitalism and market based economies are not one-to-one. The share-holder system is what results in massive exploitation in capitalism. Market economies can also exploit but not in the same dispassionate way that share-holders do.
Markets can exist in non-capitalist societies. Markets exist to use money as a medium to convert one form of goods/labour into a different form of goods/labour. Capitalism meanwhile uses goods/labour as a medium to convert money into more money.
Which is exactly the reason why communism could never rise the way it did in China and Soviet union. I mean most of the population accepted their 'fate' in the feudal systems.
So, hate for capitalism is pretty old in certain parts of the world.