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Economic History and Modern India: Redefining the Link

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  • Tirthankar Roy

Abstract

This paper argues that to restore the link between economic history and modern India, a different narrative of Indian economic history is needed. An exclusive focus on colonialism as the driver of India's economic history misses those continuities that arise from economic structure or local conditions. In fact, market-oriented British imperial policies did initiate a process of economic growth based on the production of goods intensive in labor and natural resources. However, productive capacity per worker was constrained by low rates of private and public investment in infrastructure, excessively low rates of schooling, social inequalities based on caste and gender and a delayed demographic transition to lower birthrates and the resultant heavy demographic burden placed on physical capital and natural resources.

Suggested Citation

  • Tirthankar Roy, 2002. "Economic History and Modern India: Redefining the Link," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 109-130, Summer.
    • Handle: RePEc:aea:jecper:v:16:y:2002:i:3:p:109-130
    Note: DOI: 10.1257/089533002760278749
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    4. Bipan Chandra, 1968. "Reinterpretation of Nineteenth Century Indian Economic History," The Indian Economic & Social History Review, , vol. 5(1), pages 35-75, March.
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    Cited by:

    1. Shilpi Kapur & Sukkoo Kim, 2006. "British Colonial Institutions and Economic Development in India," NBER Working Papers 12613, National Bureau of Economic Research, Inc.
    2. Bhattacharyya, Sambit, 2011. "Five Centuries of Economic Growth in India: The Institutions Perspective," MPRA Paper 67901, University Library of Munich, Germany.
    3. Clingingsmith, David & Williamson, Jeffrey G., 2017. "Deindustrialization in 18th and 19th Century India: Mughal Decline, Climate Shocks and British Industrial Ascent," SocArXiv jy7u8, Center for Open Science.
    4. Ayuso-Díaz, Alejandro, 2022. "Natural trading partners versus empires in East and Southeast Asia regional integration (1840-1938)," Journal of the Japanese and International Economies, Elsevier, vol. 63(C).
    5. David Clingingsmith & Jeffjrey G. Williamson, 2004. "India's De-Industrialization Under British Rule: New Ideas, New Evidence," Harvard Institute of Economic Research Working Papers 2039, Harvard - Institute of Economic Research.
    6. Paul, Saumik, 2016. "1930-1943: Agrarian Transformation and the Famine in Bengal," CEI Working Paper Series 2016-11, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    7. Swayam Prava Das, 2023. "City connectivity via global intra‐firm linkages: An analysis of Indian cities," Journal of International Development, John Wiley & Sons, Ltd., vol. 35(2), pages 312-330, March.
    8. Bishnupriya Gupta, 2019. "Falling behind and catching up: India's transition from a colonial economy," Economic History Review, Economic History Society, vol. 72(3), pages 803-827, August.
    9. Chakraborty, Shankha & Thompson, Jon C. & Yehoue, Etienne B., 2016. "The culture of entrepreneurship," Journal of Economic Theory, Elsevier, vol. 163(C), pages 288-317.
    10. Clingingsmith, David & Williamson, Jeffrey G., 2008. "Deindustrialization in 18th and 19th century India: Mughal decline, climate shocks and British industrial ascent," Explorations in Economic History, Elsevier, vol. 45(3), pages 209-234, July.
    11. Matthew McCartney, 2018. "The China-Pakistan Economic Corridor (CPEC): Considering Contemporary Pakistan through Old-Fashioned Economics and Historical Case Studies," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 23(2), pages 19-48, July-Dec.
    12. Rishabh Kumar, 2020. "Top Indian wealth shares and inheritances 1966–1985," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 14(3), pages 551-580, September.
    13. Gupta, Bishnupriya, 2018. "Falling Behind and Catching up: India’s Transition from a Colonial Economy," CEPR Discussion Papers 12581, C.E.P.R. Discussion Papers.
    14. Shrotryia Vijay Kumar & Singh Shashank Vikram Pratap, 2020. "A Short History of India’s Economy: Pre- and Post-Independence Period," Economic and Regional Studies / Studia Ekonomiczne i Regionalne, Sciendo, vol. 13(4), pages 388-406, December.
    15. Jain, Tarun, 2011. "Common tongue: The impact of language on economic performance," MPRA Paper 34423, University Library of Munich, Germany.
    16. Ghoshray, Atanu, 2015. "A robust estimation of the terms of trade between the United Kingdom and British India, 1858–1947," Economic Modelling, Elsevier, vol. 51(C), pages 53-57.
    17. Gulshan Sachdeva, 2008. "India and the European Union," International Studies, , vol. 45(4), pages 341-367, October.
    18. Murat Arsel & Vijay Kumar Nagaraj, 2015. "Forum 2015," Development and Change, International Institute of Social Studies, vol. 46(4), pages 585-617, July.
    19. GUISAN, Carmen & Neira, Isabel, 2006. "Direct and Indirect Effects of Human Capital on World Development, 1960-2004," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 6(1), pages 17-34.
    20. Hun-Chang Lee, 2007. "The Political Economy of Pre-industrial Trade in Northeast Asia," Hi-Stat Discussion Paper Series d07-219, Institute of Economic Research, Hitotsubashi University.
    21. Hassan, Samir Ul & Khanday, Shafi Ahmad & Ahmad, Masroor & Mishra, Biswambhara & Rymbai, Motika Sinha, 2022. "A Historical Cum Empirical Overview of Agriculture Spending and Output Nexus in India," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(3), September.
    22. Sambit Bhattacharyya, 2020. "A History of Global Capitalism: Feuding Elites and Imperial Expansion," Working Paper Series 1020, Department of Economics, University of Sussex Business School.

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