Long-run effects of FDI in India’s multi-brand retail trade: Lessons from cross-country economic history
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Type
Article
Date
2013-03
Journal Title
Anweshan - journal of Department of Commerce
Journal Editor
Sengupta, Palas R.
Journal ISSN
Volume Title
Publisher
University of North Bengal
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Pradhan, N., & Ray, I. (2013). Long-run effects of FDI in India’s multi-brand retail trade: Lessons from cross-country economic history. Anweshan - Journal of Department of Commerce, 1(1), 23–39. https://ir.nbu.ac.in/handle/123456789/2930
Authors
Pradhan, Nandita
Ray, Indrajit
Advisor
Editor
Abstract
In view of the recent debate on the entry of FDI in India’s multi-brand trade, this article seeks to analyse the long-run effects of this policy-options on the formation of industrial capital and entrepreneurs. To do so, we look
into the economic history of two of the presently developed countries, the United Kingdom in Europe and Japan in Asia. Their historical sequences suggest that the industrialisation process in an economy should obtain capital and entrepreneurs from the agricultural and tertiary sectors, and that a congenial policy-environment is imperative to these ends. Also, we deal with the economic history of India during the early colonial period, and learn that, owing to hostile governance, the period witnessed a reverse flow of those critical factors of production from industries and trade to agriculture. This article, therefore, concludes that FDI in multi-brand trade, which is expected to hard-hit tiny and small traders in the long run, may jeopardise India’s prospect of domestic capital formation and entrepreneurs for industries. This will be very harmful for our future course of industrialisation.
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Book Title
Edition
Volume
ISBN No
Volume Number
1
Issue Number
1
ISSN No
2321-0370
eISSN No
Pages
Pages
23 - 39