Publications & Resources
Our faculty, students and researchers work together everyday to contribute to a better world by grappling with urgent problems we are facing in India. We conduct rigorous work to produce high quality learning resources and publications to contribute to public discourse and social change. Here, we feature a sample from our work for everyone to access. You can explore featured resources, policies, and the latest publications from the University.
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Abstract
Economic reforms sought to replace the Indian statedominant economy with a liberal, competitive market economy. However, a plethora of recent scams indicate that collusive rentsharing arrangements between business and policy makers are prevalent. A nexus has developed, linking politicians and business, as well as the bureaucracy. These trends signal a breakdown of competitive markets and the accumulation of wealth via corruption. This paper explains crony capitalism within a framework of interaction between four stakeholder groups whose motives and behaviour have altered in the recent context. These are political executives, political parties, business entities and the bureaucracy. Using the coal mine block allocation controversy as a case study, we examine the modus operandi of crony capitalism as a capture of the policy process. We examine the limitations of the present corrective political and legal processes.
The paper concludes with a set of recommendations for curbing crony capitalism via reform of :
(a) the political funding system,
(b) the policy process,
© the audit institution and
(d) the business environmentLinks