The Economic and Political History Podcast India's Moral Economy | Jason Jackson with Javier Mejia
Jan 24, 2026
Jason Jackson, an MIT associate professor and author on India’s investment history, joins to unpack how moral judgments shape who counts as a legitimate capitalist. He talks about Indian economic nationalism, the politics behind expelling Coca-Cola, joint ventures and industrial policy as moral questions. The conversation links these debates to wider issues of technology, banks, and global capitalism.
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Stop‑Start Reform Pattern
- India showed a repeated 'two steps forward, one step back' pattern in foreign investment reform across the 1990s–2000s.
- Jason Jackson argues this volatility cannot be explained solely by paradigm shifts or electoral cycles.
Morality Shapes Capitalist Legitimacy
- Moral judgments shaped who counted as a legitimate capitalist in India's policy debates.
- Policymakers distinguished 'captains of industry' from 'speculators' and shaped policy accordingly.
Long Roots Of Economic Nationalism
- Economic nationalism in India began in the 19th century amid colonial joint‑stock firms and managing agents.
- Early nationalists both criticized extraction and admired the modernizing role of foreign capital.
