By convention the medieval period of Indian history is supposed to begin either with the death of Harsha, c. 648, or, as in this study, with the Turkish conquest of Northern India (about the beginning of the 13th century), and to end on the eve of the British conquests (about the middle of the 18th century). Although this sets a very late date for the close of the Indian medieval period, the arrangement is not illogical, since it was only with the British conquests that India became subject to the modern capitalistic system. But if we can say with certainty that the society of the period previous to British rule was not capitalistic, it is yet not a simple matter to define its basic elements. It is no longer possible to accept the assumption that its economy was based primarily on production for use, and not exchange, and that commodity production and money economy are entirely a gift of British rule.