The Underdevelopment of India's Muslim Minority: An Institutional Analysis

The Underdevelopment of India's Muslim Minority: An Institutional Analysis

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This work suggests that the underdevelopment of South Asia's Muslims vis-a-vis Hindus of the region has its roots in the differences in the commercial institutions and inheritance laws of the two communities. First, the Hindu joint family was a durable institution and could branch out into long term business ventures. Islamic partnerships were not durable and were unable to carry out long term business ventures. This difference gave the Hindus a competitive advantage in the adoption of joint stock companies. Second, whereas Hindu inheritance law tended to encourage capital accumulation, Islamic inheritance law encouraged capital fragmentation. This gave Hindus more access to capital vis-a-vis Muslims in India's capital-scarce economy. As a consequence, India's Hindus came to dominate South Asia's industry, while the Muslims were marginalized.century was between Rs. 20 to Rs. 40, investments in such shares were well beyond the means of the average Indian. ... European-controlled joint stock banks typically served the needs of European investors. ... 14 Tripathi argues that lack of education and an exposure to Western ideas were two of the main reasons whyanbsp;...

Title:The Underdevelopment of India's Muslim Minority: An Institutional Analysis
Publisher:ProQuest - 2008

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