CONGLOMERATE BIG BUSINESS GROUPS 51
under his own control. The Corporation's assets for the most part represented 'other people's money9 which the tycoon managed with a view to his own profit, not theirs.5320
1 S K Basu, The Managing Agency System, Calcutta, 1958, p 71.
2 A I Levkovsky, Capitalism in India: Basic Trends in its Development, New Delhi, 1972, p 237.
3 Ashok Mitra, "Industrial Growth and Income Distribution", Social Scientist, Vol V No 6, January-February 1977, p 17.
4 Nathaniel H Leff, ^Industrial Organization and Entrepreneurship in the Developing Countries: The Economic Groups", Economic Development and Cultural Change, Vol 25, No 4, pp 663-664.
5 M Merhau, Technological Dependence, Monopoly and Growth, Oxford, 1969.
e Ibid, p 89.
7 Industrial Licensing Policy Inquiry Committee, Main Report, Government of India, New
Delhi, 1969, pp 73-74. 'fi Ibid, p 95.
9 R K Hazari, Industrial Planning and Licensing Policy, New Delhi, 1967, Vol I, pp 8-9. 16 Aurobindo Ghosh, "Investment Behaviour of Monopoly Houses II—Economics of
Pre-emption", Economic and Political Weekly, 2, November 1974, p 1869. n R K Hazari, "A Study of the Inter-corporate Investment: The Biria Group of
Companies", Economic Weekly, 8 November 1958.
12 D R Gadgil, Planning and Economic Police in India, Poona, 1972, p 91.
13 MY Khan, ts Growth and Structure of Investment Companies in India, 1956-57 to
1964-65", Company News and Notes, 16 August 1968, p 1222. u R M Srivastava, "Profitability of Security Investment of Invest Companies in India,
Company News and Notes, 1 and 16 July 1970.
15 S I to, "Abolition of Managing Agency System and Changing Role of Investment Company", mimeographed.
16 A I Levkovsky, op cit, p 368; "Capitalism in America ^Reciprocity, Conglomeration and the New American 'Zaibatsu System' II", Anti-Tiust Law and Economic Review, Vol IV, No 4, Summer 1971, p 102.
17 Charles Bettelheim, India Independent, Ne v York, 1971, p 73.
18 Ibid.
19 Ibid.
20 Paul A Baran and Paul M Sweezy, Monopoly Capitalism, Pelican, p 41. The word "tycoon" entered the language around the middle of nineteenth century as a title which foreigners (incorrectly) applied to the Japanese shogun.