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The history of Indian economic thought provides rich insights into both economic issues and the workings of the Indian mind. A History of Indian Economic Thought provides the first overview of economic thought in the sub-continent. Arguing that it would be inappropriate to rely on formal economic analyses it draws on a wide range of sources; epics, religious and moral texts for the early period and public speeches, addresses, and newspaper articles for controversies from the nineteenth century onwards. What emerges is a rich mosaic reflecting India's different cultures and civilizations. Hinduism, Buddhism and Islam all address economic issues and British colonial rule had a deep impact, both in propagating Western economic ideas and in provoking Indian theories of colonialism and underdevelopment. The author concludes with chapters on Ghandian economics and on Indian economic thought since Independence.
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A History of Indian Economic Thought
Routledge History of Economic Thought Series
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A History of Indian Economic Thought
Ajit K.Dasgupta
London and New York
First published 1993 by Routledge 11 New Fetter Lane, London EC4P 4EE Simultaneously published in the USA and Canada by Routledge 29 West 35th Street, New York, NY 10001 This edition published in the Taylor & Francis e-Library, 2002. © 1993 Ajit K.Dasgupta All rights reserved. No part of this book may be reprinted or reproduced or utilized in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN 0-415-06195-4 Library of Congress Cataloging in Publication Data Dasgupta, Ajit Kumar. A history of Indian economic thought/Ajit Dasgupta. p. cm. —(Routledge history of economic thought series) Includes bibliographical references and index. ISBN 0-415-06195-4 1. Economics—India—History. I. Title. II. Series. HB126.I4D365 1993 93–18818 330'.0954 dc20 CIP ISBN 0-415-06195-4 (Print Edition) ISBN 0-203-00347-0 Master e-book ISBN ISBN 0-203-14943-2 (Glassbook Format)
…and when they have mastered that teaching they do not question each other about it, do not open up a discussion thus: ‘What is this? What does this mean?’; when they neither open up what has not been revealed nor explain what has not been explained nor clear up doubts on diverse doubtful points of doctrine: such a company, monks, is called ‘trained in bluster, not in enquiry’. (Anguttaranikaya i: 72)
In memory of my father Kulada Charan Dasgupta 1900–1987
Contents
Acknowledgements List of abbreviations
xi xii
1 Introduction The uses of history Criteria for selection An outline of topics
1 1 6 10
2 Buddhism and economics Buddhism and the economic enterprise Prices and taxation Altruism and economics
13 14 19 21
3 Kautilya’s Arthasastra: economics and polity The economic functions of the state Taxation and pricing policy The land system Conclusions
28 29 33 36 40
4 Economic thought in the Muslim period Introduction Islamic canons and fiscal policy Monetary policy Price-control
42 42 44 51 55
5 Famines and famine policy Famine defined Why famines occur Famine policy Criticisms of famine policy Conclusions
57 58 59 61 63 68
x
Contents
6 Dadabhai Naoroji and the dr