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SWADESHI CAPITALISM IN COLONIAL BOMBAY

Published online by Cambridge University Press:  14 October 2020

AASHISH VELKAR Open the ORCID record for AASHISH VELKAR [Opens in a new window]
AASHISH VELKAR*
Affiliation:
University of Manchester
*
Department of History, Samuel Alexander Building, University of Manchester, Oxford Road, Manchester, M13 9PLAashish.Velkar@manchester.ac.uk
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Abstract

This article examines economic nationalism in India, specifically the role of capitalists in late colonial Bombay. It shows how swadeshi was the fulcrum that supported the expressions of nationalism and capitalism. The notion that Indian capital needed to be used for the benefit of Indian nationals became established as nationalist thought by the 1930s. Such swadeshi capitalism – Indian capital for Indian industries – recasts the notion of swadeshi as a broader, more sophisticated cultural response to colonialism and globalization. As capitalism transitioned from mercantile activities to capital-hungry industrialization, nationalism was itself reframed from being anti-colonial in 1905 to being anti-globalization by the 1950s. Swadeshi capitalism helped to overlay a radical, grittier form of economic nationalism over the intellectually driven version of the nineteenth century. Swadeshi, as a form of economic patriotism, can be distinguished from similar expressions of nationalism within the British empire and dominions. This article is an effort to decolonize the narratives of modern capitalism by shifting the focus away from the global West. It will appeal to readers interested in South Asian history, and those interested in cultural responses to globalization, the contested nature of economic nationalism, and histories of capitalism in the global South.

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The Historical Journal , Volume 64 , Issue 4 , September 2021 , pp. 1009 - 1034
Copyright
Copyright © The Author(s), 2020. Published by Cambridge University Press

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Footnotes

Earlier versions of this article were presented at the International Conference in Indian Business and Economic History, Indian Institute of Management, Ahmedabad, Aug. 2019, and at the workshop on Indian economy at Université Lyon 2, Mar. 2019. I thank all the participants for their insights and comments on the paper. I am also grateful to the archivists at the Nehru Memorial Museum and Library, New Delhi, and the Godrej Archives, Mumbai, for their assistance.

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