Then came the Marwaris: Some aspects of the changes in the pattern of industrial control in Eastern India

Mercantile Communities, Business and State in Twentieth-Century India: State of the Field

“…12 There were also other important pieces like Omkar Goswami's three articles published in 1982, 1985 and 1989 which looked at changes in industrial control in eastern India and the transition of Marwaris from traders to industry. 13 Other writings did not look specifically at one mercantile community but looked at merchants in general, especially Chris Bayly's Local Roots of Indian Politics (1975) and Rulers, Townsmen and Bazaars: North Indian Society in the Age of British Expansion, 1770À1870. 14 What was especially important to any study of mercantile communities was Bayly's understanding of merchant culture: the merchant family's concern to protect the family's financial, social and spiritual culture; the connection between credit and reliability; and the family firm as a totality of relationships between gods and men, creditors and debtors.…”

Entrepreneurs, Firms and Global Wealth Since 1850

“…Other explanations have been found in unique cost accounting methods and the work ethos which seems to feature in most accounts of minority successes. 65 Wolcott has combined both cultural and institutional factors to explain the pre-eminence of Indian minorities. She relates the situation to India's caste system, and argues that the payoffs to entrepreneurship differed across caste lines.…”

The debt wish: Rent seeking by business groups and the structure of corporate borrowing in India

“…Similarly, the Indian business groups had established close relationships with the nationalist political groups that were fighting for India's independence (Chandra, 1975). Thus, a close, and symbiotic, relationship between business groups in general, whether these were British managing agency houses or Indian business groups, had existed for a considerable period of time with the government of the day and with the political bodies waiting, in the wings, to take over power after a change of regime (Goswami, 1985), based on the establishment of trust within a client and patron relationship (Morris, 1963). is self-explanatory, except the classification of banks as 'quasi-private' and institutional borrowing as being wholly 'state-owned', where further elaboration is necessary.…”