This article examines economic nationalism in India, specifically the role of capitalists in late colonial Bombay. It shows how swadeshi was the fulcrum that supported the expressions of nationalism and capitalism. The notion that Indian capital needed to be used for the benefit of Indian nationals became established as nationalist thought by the 1930s. Such swadeshi capitalism – Indian capital for Indian industries – recasts the notion of swadeshi as a broader, more sophisticated cultural response to colonialism and globalization. As capitalism transitioned from mercantile activities to capital-hungry industrialization, nationalism was itself reframed from being anti-colonial in 1905 to being anti-globalization by the 1950s. Swadeshi capitalism helped to overlay a radical, grittier form of economic nationalism over the intellectually driven version of the nineteenth century. Swadeshi, as a form of economic patriotism, can be distinguished from similar expressions of nationalism within the British empire and dominions. This article is an effort to decolonize the narratives of modern capitalism by shifting the focus away from the global West. It will appeal to readers interested in South Asian history, and those interested in cultural responses to globalization, the contested nature of economic nationalism, and histories of capitalism in the global South.

本文考察了印度的经济民族主义，特别是资本主义在孟买晚期殖民时代的作用。它表明swadeshi如何成为支持民族主义和资本主义表达的支点。印度资本需要用于印度国民利益的观念在 1930 年代确立为民族主义思想。这种swadeshi资本主义——印度工业的印度资本——将 swadeshi 的概念重新定义为对殖民主义和全球化的更广泛、更复杂的文化回应。随着资本主义从商业活动过渡到资本饥渴的工业化，民族主义本身也从 1905 年的反殖民主义转变为 1950 年代的反全球化。斯瓦德希资本主义帮助在 19 世纪智力驱动的版本上覆盖了一种激进的、更坚韧的经济民族主义形式。Swadeshi作为经济爱国主义的一种形式，可以区别于大英帝国和自治领内类似的民族主义表达。这篇文章试图通过将焦点从全球西方转移到现代资本主义的叙事去殖民化。它将吸引对南亚历史感兴趣的读者，以及对全球化的文化反应、经济民族主义的争议性质以及全球南方资本主义历史感兴趣的读者。