> 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.
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.