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1 results

  • 6 - Indian Merchant-Financial Capitalists

  • from Part I - Multicultural Origins of the First (Historical Capitalist) Global Economy, 1500–1850
  • John M. Hobson, University of Sheffield
  • Book:
    Multicultural Origins of the Global Economy
    Published online:
    17 December 2020
    Print publication:
    10 December 2020, pp 151-164

  • Summary

    If Indians and Asians had been the leading producers and traders in the first global economy, as chapters 2 through 5 argue, then chapter 6 considers who they were as well as where and how they operated so effectively. It uses the Multānīs as a key example of Indian trading firms that plied the overland caravan routes. This gains added significance because Eurocentrism presumes that the so-called European-dominated High Seas displaced the trade on the overland routes. The chapter places special emphasis on critiquing the Eurocentric model of the Asian pedlar by revealing the rational methods and activities of the large-scale Multānī firms. Indeed, these matched the scale of leading European firms and bankers such as the Rothschilds and Warburgs. And it also problematises the Eurocentric Oriental despotism thesis by revealing the many ways in which the major Asian states—Mughal, Ottoman, Safavid and the Central Asian Uzbek Khanates—provided a highly conducive environment for the Multānī firmsto flourish.