For the January 2022 CPERN monthly workshop we were joined by Bhabani Shankar Nayak who is a political economist at the University for the Creative Arts, UK, and whose research interests include political economy, South Asia, the market, microfinance, faith and the Hindu religion and capitalism. His recent book, Hindu Fundamentalism and the Spirit of Global Capitalism in India, focused on the relationship between the rise of Hindu fundamentalism and mining-led capitalism while evaluating the impact on the new economic reforms on tribals and their social, cultural, and religious identities in Odisha. In the paper presented we considered Odisha from the perspective of microfinance and microcredit networks, as a framework for capitalist accumulation.
The paper was followed by a discussion led by CPERN board member, Yuliya Yurchenko.
Fraternal Capitalism examines microfinance and microcredit networks led by local, regional NGOs, COs and Self-Help Groups in Odisha. The paper further explores the link between these networks and different regional, local, national and international agencies tapping the small savings of rural poor. It is organised and securitised by the Government of India and Odisha to create and facilitate a fraternal framework for capitalist accumulation processes in rural Odisha. It shows the dynamic nature of global capitalism that engages with small savings of rural poor.