India in the 19th century world economy
Markovits, Claude
India in the 19th century world economy - 2018.
40
This article, which deals with India’s global economic role in the 19th century, focuses first on the loss by India of the position as the “workshop of the world” it occupied since the late 17th century thanks to its dominance in cotton cloth production. The limits of the process of de-industrialization are pointed out, as artisanal textile production remained substantial and a new sector of modern textile factories emerged. The focus shifts then to India’s contribution to the global economy of the British Empire, with the emphasis put on commercial and financial aspects, as well as on the export of agricultural manpower to the colonies. While a growing subordination of India’s economy to British capitalism, and more particularly to the City of London is clearly discernible, in keeping with a worldwide drift towards financial imperialism, a counter-trend is represented by the emergence of a powerful indigenous capitalist sector, whose reach extended beyond India to other colonies. The overall outcome is thus a mixed bag, and leaves space for continuing debate, as there remain areas of relative obscurity regarding quantitative aspects such as the evolution of GDP per capita.
India in the 19th century world economy - 2018.
40
This article, which deals with India’s global economic role in the 19th century, focuses first on the loss by India of the position as the “workshop of the world” it occupied since the late 17th century thanks to its dominance in cotton cloth production. The limits of the process of de-industrialization are pointed out, as artisanal textile production remained substantial and a new sector of modern textile factories emerged. The focus shifts then to India’s contribution to the global economy of the British Empire, with the emphasis put on commercial and financial aspects, as well as on the export of agricultural manpower to the colonies. While a growing subordination of India’s economy to British capitalism, and more particularly to the City of London is clearly discernible, in keeping with a worldwide drift towards financial imperialism, a counter-trend is represented by the emergence of a powerful indigenous capitalist sector, whose reach extended beyond India to other colonies. The overall outcome is thus a mixed bag, and leaves space for continuing debate, as there remain areas of relative obscurity regarding quantitative aspects such as the evolution of GDP per capita.
Réseaux sociaux