Arun Maira might have been on to something except the writer left out one critical difference between the US then and India now. There were virtually no limits on capital flowing into the US and foreign ownership of assets. Thus for example Bayer could set up its own factories and sales networks in the US without American "partners." Dozens of German owned insurance companies flourished in the US during this period until they found that they would indeed have to pay the claims from the San Francisco Earthquake and in response simply closed their solely owned offices in the US. Many British and Scottish investors put their money into cattle and farming without having any limits placed on ownership.

Indian companies today can easily purchase the assets of American and European companies in almost any area yet India itself still has strict limits on the percentage foreign investors can own and in some cases what they can own. There are literally hundreds of exceptions that the Indians due not allow foreign investment in yet were normal in the period of American history.