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Cambridge Journal of Economics Advance Access published online on September 29, 2009
Cambridge Journal of Economics, doi:10.1093/cje/bep056
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Globalisation, corporate legal liability and big business houses in India

Chirashree Das Gupta*

* Asian Development Research Institute, Bihar, India

Address for correspondence: Centre for Economic Policy and Public Finance, Asian Development Research Institute (ADRI), BSIDC Colony, Off Boring-Patliputra Road, Patna 800 013, Bihar, India; email: chirashree1917{at}yahoo.com

This paper situates the development of the limited liability partnership in India in the context of the real processes of neoliberal ‘globalisation’ and ‘liberalisation’, which will distinguish it from the idealised versions put forward by neoclassical theorists. In these processes big business has driven a particular type of ‘liberalisation’ to expand and enhance its profit opportunities, often using unorthodox methods like legal provisions for the Hindu Undivided Family to gain tax exemptions over the years of change in state policy from dirigisme to neoliberalism. The support by big business for the limited liability partnership, which apparently benefits very small partnerships, can be understood by looking at the ways in which this legal form is likely to further enhance profits by helping big business reduce its potential liabilities.

Key Words: Capitalism • Limited liability • Political economy • India • Neoliberalism

JEL classifications: H1, K0, L5, P1

Manuscript received November 19, 2007; final version received July 19, 2009.


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