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The Web of FreedomJ.C. Kumarappa and Gandhi's Struggle for Economic Justice.$
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Venu Madhav Govindu and Deepak Malghan

Print publication date: 2016

Print ISBN-13: 9780199460816

Published to Oxford Scholarship Online: September 2016

DOI: 10.1093/acprof:oso/9780199460816.001.0001

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Stone for Bread

Stone for Bread

Chapter:
(p.163) 10 Stone for Bread
Source:
The Web of Freedom
Author(s):

Venu Madhav Govindu

Deepak Malghan

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199460816.003.0010

The Second World War period (1939–45) had enormous political and economic consequences for India. While the historical narrative has centred around political negotiations and the Quit India campaign, there is far less material on British exploitation of India’s economic and natural resources for the War. Kumarappa was amongst the earliest and most insightful critics of colonial War policy, which landed him in jail. This chapter provides an exposition on the devastating impact of British Sterling policy on India’s economy and Kumarappa’s warnings on its implications for Indian life. While the complex story of Sterling Balances has been available in scattered form in specialized economic history, this chapter provides a popular exposition on this final episode of British economic exploitation of India. In addition, Kumarappa’s role during Quit India and his subsequent jail term are described.

Keywords:   India in the Second World War, British economic exploitation of India, Sterling Balances, Kumarappa’s prediction of famine, history of colonial economic exploitation of India, Clive to Keynes, Quit India

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