By Ajit K. Dasgupta
The historical past of Indian monetary idea presents wealthy insights into either fiscal concerns and the workings of the Indian brain. A background of Indian monetary notion presents the 1st assessment of financial proposal within the sub-continent. Arguing that it'd be beside the point to depend on formal monetary 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 various cultures and civilizations. Hinduism, Buddhism and Islam all tackle fiscal concerns and British colonial rule had a deep impression, either in propagating Western fiscal principles and in frightening Indian theories of colonialism and underdevelopment. the writer concludes with chapters on Ghandian economics and on Indian fiscal concept for the reason that Independence.
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Extra resources for A History of Indian Economic Thought (Routledge History of Economic Thought)
For irrigated agriculture, a water rate was an even more important source of state revenue than the land tax. This was payable whenever water from irrigation works was used by the farmer, even if the works belong to the farmer himself. There was a graduated schedule of the rate to be charged, depending on the nature of the irrigation works used. If the works were such that the water was set in motion by hand, the rate payable was one-fifth of the produce; if set in motion by shoulders, the rate rose to one-fourth; the latter rate also applied to lift-irrigation, water being lifted from tanks, wells, rivers and lakes, while the rate increased to one-third when water was set flowing in channels by a mechanical device.
The stores also provided a convenient means of creating buffer stocks and preventing a wide fluctuation in price, the Director of Trade being expected to buy when there was a glut and sell when there was scarcity. What scope was left for private enterprise in industry? Hardly any, apart from production carried out by artisans and craftsmen. There were master artisans, employing a number of artisans to do the actual work for the customers, and earning a profit. There were also artisans working independently with their own capital and in their own workshops.
Gernet 1956:162) The economic aspect of Buddhism, believes Gernet, was extremely important. : 161). To conclude, far from Buddhism being anti-growth it took a far more favourable view of economic activity than most other religions. The contrast with Christianity in this respect is particularly striking. Unlike Christianity, Buddhism never condemned the pursuit of personal material wealth as contrary to religion. Viner (1978) has shown that contempt for worldly goods was a ‘fundamental and dominant’ element in the teachings of the Christian Fathers.
A History of Indian Economic Thought (Routledge History of Economic Thought) by Ajit K. Dasgupta