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The Economic History of India, 1857-1947$
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Tirthankar Roy

Print publication date: 2011

Print ISBN-13: 9780198074175

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780198074175.001.0001

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Fiscal and Monetary Systems

Fiscal and Monetary Systems

(p.252) 10 Fiscal and Monetary Systems
The Economic History of India, 1857-1947

Tirthankar Roy

Oxford University Press

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

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