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In the nineteenth century, a tiny community from the deserts of Rajasthan spread out to every corner of India. The Marwaris controlled much of the country’s inland trade by the time of the First World War. They then turned their hand to industry and, by the 1970s, owned most of India’s private industrial assets. Today, Marwari businessmen account for a quarter of the Indian names on the Forbes billionaires list.// What makes the Marwaris so successful? Is it their indomitable enterprise, or their incredible appetite for risk? In this new book, Thomas Timberg shows how the Marwaris rely on a centuries-old system for conserving and growing capital which has stood them in good stead, alongside a strong sense of business ethics which has earned them respect.// Family businesses in general and the Marwaris in particular might have a vital role to play in shaping India’s economic future.
In recent years the phenomenal rise of the economies of China and India has led to a proliferation of academic studies. Much of the focus has been on economic performance, development strategies and the comparative advantage of the two economies. A comparative study of business as an agent of change has been lacking This volume brings together articles by leading scholars in the field of Chinese and Indian business who offer fresh perspectives on the historical antecedents of business in the two economies.
WINNER OF THE 2022 TATA LITERATURE LIVE! BUSINESS BOOK AWARD 'I had never seen a cement plant in my life. I had no idea about limestone deposits or the cement industry in Gujarat. And I had never negotiated an industrial agreement. Yet, in the next few weeks, I would need to be ready for a substantive meeting with Gujarat government officials.' The year was 1983. A cotton trader, still in his early thirties, began to dream big. His aspiration was to become an 'industrialist'. The venture he was about to embark on was uncharted territory for him. He knew nothing about cement, limestone or anything remotely associated with it. In the era of Licence Raj, where everything from production to consumption was controlled by the government, Narotam Sekhsaria saw the huge potential in cement and its role in a growing nation. Trusting his instinct, he started Ambuja Cement and went on to create one of the most successful cement companies in the world. Told by the man himself, The Ambuja Story is a tale of grit, determination, honesty and integrity. For a cement company, it's a unique case study that broke many stereotypes, such as cement production can't be an environmental friendly activity, good cement can't be cheaper and it's difficult to market a product as boring as cement. Narotam Sekhsaria's vision for Ambuja wasn't just limited to financial success; he undertook community development around all Ambuja plants to a whole new level. Ambuja's work in women empowerment, skill development, health and education created new benchmarks for the industry long before corporate social responsibility became mandatory in India. The Ambuja Story provides a new perspective on business and life, inspiring the next generation of entrepreneurs to scale greater heights.
The Marwari community has made significant contributions to the development of the Indian economy. Most large business houses are Marwari including Birla, Bajaj, Dalmia and Singhania. But very little is known or understood about this community. This book fills in this gap. It narrates the rise and expansion of Marwari family. The origins lie in a small village in Rajasthan where the family was engaged in lending seed to the farmers. One of the members sought new opportunities in the city. The book explains how he built a business empire single-handedly. The transition from trade to industry is also described. The book is unique in explaining the inner working of the Marwari family. How the relations between brothers in a joint family are managed-and broken. The attitude to charity, education, women and workers are explained. This book is an essential reading for those who want to understand how a Marwari family functions.
From the early Vedic period, the Vaishyas, the oldest mercantile community of India, generated wealth for the nation through their remarkable efforts. Their Marwari offshoots were appointed by many rulers as ministers, advisors and diwans and were recognised as the first philanthropists in India. The Marwari Heritage takes the reader on a voyage of discovery of the Marwaris who migrated from Rajputana, Haryana, Malwa and its adjoining regions to other parts of India. They braved trials and tribulations in unchartered territories, supporting others of their community, never losing faith in their ability to succeed, and focused on their goal, they became the uncrowned kings, first of trade and business, and later of industry. They joined the freedom struggle with a true spirit of patriotism, philanthropy and active political involvement. Many courted imprisonment and even achieved martyrdom. Today, the roots of the Marwari community are deeply enmeshed in the social, cultural and economic fabric of India. Their innate psyche of giving back to society has seen them donate generously to education, empowerment of women and vocational training leading to employment. Shedding some traditions and retaining many, they have stepped into the modern age, achieving an enviable cultural mix. At the helm of most successful entrepreneurial enterprises, their focus on innovation and technological advancement has resulted in governments of several countries seeking their advice on economic growth. Of the many who have left an indelible mark on the history, socio-political and economic foundations of the country, this book is enriched with rich cameos of some of these ‘greats’ and the reader derives insights into numerous newly discovered and hitherto unrecorded facts. The younger generation of Marwaris continue to dream big and build on the foundations their forefathers planted. They continue to grow from strength to strength, marching towards new horizons. The plethora of welfare schemes and trusts responsible for development of the nation’s needy continue to be monitored with precision. Meticulously researched over five years and richly illustrated with over 100 rare, coloured photographs, paintings, and 600 black and white photographs, illustrations and rare documents published for the first time, readers have much to feast their eyes on. This pictorial book also serves as an inspiration to any and everyone who dares to dream and reach for the skies.
This book has brought together some of the foremost scholars of South Asian and Global History, who were colleagues and associates of Professor John F. Richards to discuss themes that marked his work as a historian in an academic career of almost forty years. It encapsulates discussions under the rubric of 'frontiers' in multiple contexts. Frontier has often been conceived as a space of transformation marking new forms of economic organization, commodity trade, land settlement and state authority. The essays here underline the range of interests and approaches that marked Professor Richards' illustrious career - frontiers and state building; frontiers and environmental change; cultural frontiers; frontiers, trade and drugs; and frontiers and world history. The volume discusses issues from medieval to early modern South Asian history. It also reflects a concern for large-scale global processes and for the detailed specificities of each historical case as evident in Professor Richards' work.
In recent decades, private investment has led to an economic resurgence in India. But this is not the first time the region has witnessed impressive business growth. There have been many similar stories over the past 300 years. India's economic history shows that capital was relatively expensive. How, then, did capitalism flourish in the region? How did companies and entrepreneurs deal with the shortage of key resources? Has there been a common pattern in responses to these issues over the centuries? Through detailed case studies of firms, entrepreneurs, and business commodities, Tirthankar Roy answers these questions. Roy bridges the approaches of business and economic history, illustrating the development of a distinctive regional capitalism. On each occasion of growth, connections with the global economy helped firms and entrepreneurs better manage risks. Making these deep connections between India's economic past and present shows why history matters in its remaking of capitalism today.
This book is the first systematic scholarly study on the business history of Turkey from the nineteenth century until the present. It aims to place the distinctive characteristics of capitalism in Turkey within a global and comparative perspective, dealing with three related issues. First, it examines the institutional context that shaped the capitalist development in Turkey. Second, it focuses on the corporate actors, entrepreneurs and business enterprises that have led the national economic growth. Third, it explores the ethical foundations and social responsibility of business enterprises in the country. The comparative and historical approach sets the volume apart from previous books on the subject. Business, Ethics and Institutions aims to strengthen scholarly and policy understanding of Turkish capitalism and the diversified business groups which dominate the economy by providing a deep analysis of the evolution of political and social institutions which shaped corporate activity. It demonstrates the key role played by large family-owned business groups in Turkey’s development. It also seeks to identify both the similarities and the differences in the Turkish pattern of economic development, making comparisons with Japan, an early example of catch-up, and a more successful model than Turkey. The comparative perspective makes the book highly relevant to a wide range of scholars interested in the institutional foundations of modern capitalism and will be of value to researchers, academics, and students in the fields of business and economic history, ethics, organizational studies, and entrepreneurship.