Neoliberalism and Social Development: Lessons from Brazil

Sirohi, Rahul A.

doi:10.1007/978-981-13-6028-2_5

Cited by 4 publications

(9 citation statements)

References 37 publications

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“…Crucial to this convergence has been the nexus between big corporate houses and the religious right-wing (Chacko, 2020; Desai, 2014, 2016; Kothakapa and Sirohi, 2023). Although the religious right has a long history dating back to the late colonial era, it was only in the 1980s and 1990s that it began finding its feet in the electoral arena and it was not until the thumping electoral victory of 2014 that it truly rose to acquire a hegemonic position (Basu et al, 1993; Bhatt, 2001; Chacko, 2018; Sirohi, 2019; Varshney, 2022). It’s relatively late rise to prominence was a result of a complex set of processes, but undoubtedly crucial was the support it received from the corporate elites who were irked by the early 2000 center-left experiments of “inclusive neoliberalism” and who yearned for a more pro-corporate regime in power that could do it’s bidding (Nilsen, 2021).…”

Section: Discussion and Summarymentioning

confidence: 99%

Corporate power and the rise of intangibles: A study of Indian firms

Sirohi

2023

Environ Plan A

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In the context of the developed economies, recent political economy scholarship has highlighted the growing role of intangible assets (brand equity, software, business processes, patents etc.) in corporate portfolios. Much of this literature has emphasized how intangible assets erect barriers to entry, produce artificial scarcity of key inputs, enhance the pricing power of firms and thus lead to greater and greater levels of concentration. Being as they are monopoly rights and privileges, intangible assets represent the relational power of their owner vis-à-vis those excluded from their ownership. While much of this literature has focused on the developed world, this paper turns its gaze to the case of a developing country and analyzes the patterns and trends of intangible assets for a sample of Indian firms for the period 2000–2022. The analysis reveals a substantial acceleration in the weight of net intangible assets relative to net physical assets, especially after 2008. It also suggests that the largest and most powerful corporations are the ones that have contributed to this spike. Ranked by assets, sales and ownership category, the results show that intangible asset accumulation has been the strongest in the highest echelons of the corporate hierarchy. Moreover, the patterns of intangible asset accumulation have been such that they have not been restricted to the traditional “rentier” sectors in the sense that their presence in the “productive” sectors has been as important if not more so. By focusing on firm-level patterns of intangible asset accumulation, the results show the internal and necessary connections between accumulation and value capture that undergirds modern day capitalism in the Southern peripheries.

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Section: Discussion and Summarymentioning

confidence: 99%

Corporate power and the rise of intangibles: A study of Indian firms

Sirohi

2023

Environ Plan A

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“…Sweeping promarket reforms since 1991 brought changes in economic and institutional landscapes along with a reduction of regulatory hurdles (Mohan, 2013; Zheng, 2013). However, the adverse impact of India’s preliberalization economic objectives of self-reliance, isolationist trade policy and an elite-centric agenda hampered India’s economic development beyond being an agrarian state until the 1990s (Sawe, 2019; Sirohi, 2019; UNCTAD, 2018a; World Bank, 2019). Consequently, India’s postliberalization period was not led by the development of a strong manufacturing industry along the paths observable in other emerging economies (Mohan, 2013; Prime et al , 2012).…”

Section: India’s Investment Environmentmentioning

confidence: 99%

“…Escape investments are based on moving away from restrictive legislations, institutional voids, high levels of taxation or tight environmental regulations as encountered in the home country (Dunning, 1993). Trade reforms and liberalization within India are part of the incremental process of policy reforms for an environment that had been hampered by a complex set of restrictions, barriers and requirements (Mohan, 2013; Sirohi, 2019). Indeed, India was ranked 129 out of 180 countries in the 2019 Index of Economic Freedom, placing it far from the most liberalized economies (Heritage, 2019).…”

Section: Hypotheses Along the Three Investment Motive Envelopesmentioning

confidence: 99%

“…But, the omission to establish a strong secondary sector has left the country with a stunted infrastructure, an elite-centric social agenda, continuous trade deficits, lacking technology spillovers and persistent systemic obstacles (Mehta and Rajan, 2017). And yet, inward foreign direct investment (FDI) continuously surged paralleling the country’s strong economic growth in the 2000s – a licentious development that goes against basic economic growth theory and the models of other emerging markets that rely on a strong secondary sector as sine qua non for their economic and social advancement and progression toward tertiary industries (Sirohi, 2019; Prime et al , 2012; Zhou et al , 2002).…”

Section: Introductionmentioning

confidence: 99%

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The determinants of inward FDI in India in the 2000s

Wagner

Delios

2023

JIBR

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Purpose Unlike the traditional growth model of emerging markets after economic liberalization, India’s inward foreign direct investment (FDI) surged paralleling its strong economic growth in the 2000s, despite the failure to establish a strong secondary sector. This creates an opportunity to deepen the conceptual and contextual understanding of the pivotal mechanisms that impel foreign multinational enterprises to invest into India and provides a natural setting to better understand the nature of its institutional, political and economic environment. Design/methodology/approach The authors develop a theory contextualized to Indian inward FDI patterns for the 2000–2017 period. The theoretical framework expands upon received investment motives, with explicit consideration given to the idiosyncrasies of developments in India’s recent macro and socioeconomic environment. The authors test the hypotheses using panel data from 134 countries that invested in India, using a Hausman–Taylor estimation. Findings The authors find that India’s transition toward a knowledge economy attracts asset augmenting rather than asset exploiting FDI. Investors appear to target long-term investments by gaining access to India’s digital capabilities, R&D, and growing talent base with a high degree of specialization within analytics, biotechnology, engineering, or pharmaceuticals. Foreign investors do not seem to be notably deterred by infrastructural challenges nor by legal and regulatory restrictions. Originality/value By providing a new perspective on India’s atheoretical economic development and FDI environment, this study offers a distinct point of comparison with regard to established hypotheses within the extant literature on FDI into emerging markets. Rethinking contemporary investment motive theory by introducing an adapted conceptual framework provides further opportunity to inform the understanding of firm strategies in similar environments.

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“… 2 2 See, for instance, Saad‐Filho (2014), Milhorance (2018), Laschefski and Zhouri (2019), Sirohi (2019), and Andrade (2020). …”

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confidence: 99%

Policy dismantling and democratic regression in Brazil under Bolsonaro: Coalition politics, ideas, and underlying discourses

Milhorance

2022

Review of Policy Research

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Drawing on a cost-benefit approach, policy dismantling literature typically examines case studies following omitted and blame-avoidance strategies, which contrasts with the highly visible dismantling fostered by Bolsonaro's far-right administration in Brazil. This study examines the mechanisms leading to this active process and places it in the context of major policy changes in several fields (i.e., rural development, land titling, social protection, environment, and protection of indigenous peoples). It shows that dismantling decisions were made incrementally by conservative coalitions that seized upon the economic crisis to consolidate a neoliberal turn; however, this turn was radicalized with the expansion of the conservative alliance and tied together by populist rhetoric. This study sheds light on the politics of policy dismantling and addresses it as a process of democratic backsliding.

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Neoliberalism and Social Development: Lessons from Brazil

Cited by 4 publications

References 37 publications

Corporate power and the rise of intangibles: A study of Indian firms

Corporate power and the rise of intangibles: A study of Indian firms

The determinants of inward FDI in India in the 2000s

Policy dismantling and democratic regression in Brazil under Bolsonaro: Coalition politics, ideas, and underlying discourses

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