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1 results

  • 8 - European trade and the Indian economy

  • Om Prakash, University of Delhi
  • Book:
    European Commercial Enterprise in Pre-Colonial India
    Published online:
    28 March 2008
    Print publication:
    28 June 1998, pp 315-336

  • Summary

    The principal distinguishing feature of Euro-Asian trade in the early modern period was its bullion-based character. The fact that the rate of growth of the Europeans' demand for goods such as textiles and raw silk was almost always greater than the rate at which their output increased turned the market increasingly into a sellers' market. Quite apart from the implications of European trade for real variables such as income, output and employment, there was an important range of issues in the monetary domain which were affected by this trade. A significant feature of the Mughal Indian economy was the rise of banking firms all over the empire dealing in extremely sophisticated instruments of credit. A colonial pattern of trade with agricultural and other raw materials together from the colony to the metropolitan world in exchange for finished manufactured goods produced on the machine did not emerge in the case of India.