ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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SHARED RIVERS-Unequal Arrangements

the episode. Finally, to the extent that the ITC management chose to do what it did, it needs to be noted that it made a hash of the whole operation, revealing its incompetence in any area outside that of exploiting its inherited brand image. These lessons from the ITC episode make nonsense of the corporate myths mentioned at the beginning. In fact, a plausible argument yielded by the evidence is that even some of the 'best' in corporate India make their profits by garnering illegitimate transfers from the state and by buying out and exploiting the regulatory apparatus of the state, it is the same behaviour that prevails both before and after the reform, though the sites of accumulation within a terrain provided by the state shift with liberalisation. This implies that there was and is no force which 'disciplines' Indian capital, forcing it to run a professional operation, innovate and engage international markets. Reform instead of attempting to enforce that discipline uses the market as a cloak for permitting more of the same.

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