Chapter

Fiscal and Monetary Systems

Tirthankar Roy

in The Economic History of India, 1857-1947

Third edition

Published in print December 2011 | ISBN: 9780198074175
Published online January 2013 | e-ISBN: 9780199082148 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198074175.003.0010
Fiscal and Monetary Systems

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According to Indian nationalists, the British colonizers pursued fiscal and monetary policies that benefited Britain and British enterprise, but refused to adopt policies favourable to India and Indian enterprise. In reality, British interests did not necessarily conflict with Indian interests. During the golden age of globalization, Britain and India shared the gains from trade and investment. The interests of Britain and India increasingly came into conflict only when the British economy slowed in the interwar period. This chapter examines how the government decided policies and describes the fiscal and monetary systems that provided the context in which the government functioned. It also discusses policymaking, trade policy, revenue and expenditure, the political and institutional context underlying public finance, fiscal policy in the princely states, the currency reforms of 1835, and the ‘Ratio Controversy’ and the Great Depression.

Keywords: Britain; India; fiscal policy; revenue; expenditure; currency reforms; Ratio Controversy; Great Depression; trade policy

Chapter.  7457 words.  Illustrated.

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