A History of Indian Economic Thought (Routledge History of by Ajit K. Dasgupta

By Ajit K. Dasgupta

The background of Indian fiscal notion offers wealthy insights into either monetary concerns and the workings of the Indian brain. A heritage of Indian monetary notion offers the 1st evaluate of monetary concept within the sub-continent. Arguing that it'd be beside the point to depend upon formal fiscal analyses it attracts on quite a lot of resources; epics, spiritual and ethical texts for the early interval and public speeches, addresses, and newspaper articles for controversies from the 19th century onwards. What emerges is a wealthy mosaic reflecting India's varied cultures and civilizations. Hinduism, Buddhism and Islam all tackle monetary matters and British colonial rule had a deep influence, either in propagating Western monetary principles and in scary Indian theories of colonialism and underdevelopment. the writer concludes with chapters on Ghandian economics and on Indian fiscal suggestion because Independence.

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Paying attention to productivity. 28). 3). 33). The rate of interest on loans is dealt with in the Arthasastra in a very cursory manner and mainly in a legal context. Perhaps the only point of interest from the economic point of view is the prescription of different maxima on different types of loans. The maximum permitted rate is higher for transactions involving a higher degree of risk. 1). THE LAND SYSTEM In this section we shall consider some economic aspects of the land system as reflected in Kautilya’s Arthasastra.

Buddhism teaches us that whether one is seeking wealth or nirvana, one should not be preoccupied with self-interest alone. The philosophy of taking care includes taking care of others. Friendliness, benevolence, compassion, concern for others are at the core of the Buddhist ethic, together with diligence and attentiveness. ‘Go monk’, said the Buddha ‘and travel for the welfare and happiness of the people, out of compassion for the world, for the benefit, welfare and happiness of 22 A history of Indian economic thought gods and men’ (Vin.

It also involved building roads along which goods to be traded could be carried, as well as measures for providing security to traders en route. It is the latter aspect which receives more attention from Kautilya. Because of the risk of attack by forest tribes and robbers, traders normally moved in groups and travelled together in caravans (sartha). The Arthasastra spells out in some detail just who was responsible for protecting the caravans and for compensating them in case of loss. Inside a state’s boundaries, it was regarded as the state’s duty to protect the caravans.

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