@article{(Open Science Index):https://publications.waset.org/pdf/15968,
	  title     = {Emergence of New Capitalist Class and Issues of Market, Merit and Social Justice: The Business and Economics of Higher Education in India},
	  author    = {Subramaniam Chandran},
	  country	= {},
	  institution	= {},
	  abstract     = {This paper analyses the structural changes in
education sector since the introduction of liberalization policy in
India. This paper explains how the so-called non-profit trusts and
societies appropriated the liberalization policy and enhanced
themselves as new capitalist class in higher education sector. Over
the decades, the policy witnessed the role of private sector in terms
of maintaining market equilibrium. The state also witnessed the
incompatibility of the private sector in inculcating the values of
social justice. The most important consequence of the policy is to
witness the rise of new capitalist class and academic capitalism.
When the state came to realize that it no longer cope up with
market demands, it opens the entry of private sector in higher
education. Concessions and tax exemptions were provided to the
trusts and societies to establish higher education institutions. There
is a basic difference between western countries and India in
providing higher education by the trusts and societies. In western
countries the big business houses contributed their surplus
revenues to promote higher education and research as a
complementary service to society and nation. In India, several
entrepreneurs came up with business motive using education
sector. Over the period, they accumulated wealth at the cost of
students and concessions from the government. Four major results
can now be identified: production of manpower in view of market
demands; reduction of standards in higher education; bypassing the
values of social justice; and the rise of new capitalist class from the
business of education. This paper tries to substantiate these issues
with the inputs from case studies.},
	    journal   = {International Journal of Industrial and Systems Engineering},
	  volume    = {5},
	  number    = {1},
	  year      = {2011},
	  pages     = {86 - 92},
	  ee        = {https://publications.waset.org/pdf/15968},
	  url   	= {https://publications.waset.org/vol/49},
	  bibsource = {https://publications.waset.org/},
	  issn  	= {eISSN: 1307-6892},
	  publisher = {World Academy of Science, Engineering and Technology},
	  index 	= {Open Science Index 49, 2011},