I have launched, with my friend Mr Kaushik Sekhar, the course “History of Business in India” at the University where I teach.
The students took their time in joining up but at the end of the second week we had 26. Encouraged by the response we are going full steam and have,by now, covered ground from pre-historic times to the beginning of the 19th century. Since most students come from families doing business for generations, the course sort of provides them with a mirror to their own roots and identity. We are trying to give them an objective orientation to the ‘Indian’ way/s of business and trying to nudge them to develop the right attitude to the ‘Indian’ way. While integration of Indian Business with the world has to be encouraged, our students, when they make their careers, should not be indifferent to their roots and traditions, nor should they look at the past as cumbersome baggage.
Salient Points that have emerged from the class discussions so far:
1. There is an Indian Way of Business and it has evolved out of Indian ecology, social custom and
survived the test of time.
2. During the ancient period India and China together were centres of world trade because of large
agricultural surplus.
3. The Business World of the ancient period was from the Mediterranean Sea to the South East
Asian countries with India and China at the centre.
4. The India of the ancient period was from present day Afghanistan to Myanmar.
5. Since the world traded with them for essential commodities both India and China did not have
large merchant navies.
6. Trade was mainly in agricultural commodities, spices, perfumes, cotton and silk textiles,
brocades, ivory ,silver , gold etc
7. Europe had little or no agricultural surplus and hence lagged behind till the Renaissance.
8. European domination of trade began with better navigation, discovery of gun-powder and
better steel etc and,
9. European domination of Currency began with the discovery of gold in Africa and Central
America during the Age of Discovery (a d 1400-1600).
10. Indian traders, bound by caste and custom, rarely assimilated with the cultures they traded with
and stayed out of local politics.
11. Since India missed the Age of Mercantilism, accumulation of Capital collectively did not happen
in India; profits stayed with trading families who were also money-lenders and landlords
12. India also missed the Age of Capitalism and the Industrial Revolution due to internal instability
between 1600-1800.
13. Nevertheless, the local trading practices were so well formed that neither the Sultans, the
Mughals or the British disturbed them.
14. Indian traders and businessmen rarely challenged the rulers and adapted quickly to political
change and rulers’ whims.
15. Indian traders bought peace and protection by lending money to the rulers.
16. Indian businessmen, though they helped creation of wealth, were pragmatic enough to accept
social status below the Brahmins and Kshatriyas in the caste hierarchy.
17. Indian Businessmen also lived in harmony with the masses; turned a blind eye and a deaf ear to
general ridicule.
18. As a result of 14 to 17 noted above, there are no records of confiscation of the property of
businessmen by rulers or mob attacks on businessmen; nor were Indian Businessmen hate-
symbols like the Jews .
19. Resilience of Indian Businessmen stands out through History.
20. Because business was limited to certain castes from certain regions, notions of quality and
competition remained alien to Indian Business.
21. The absence of records of abject poverty, starvation deaths (barring periods of severe
droughts, epidemics and famines) in India by foreign travelers is testimony to the efficiency of
commodity trade in India.
22. The presence of too many kingdoms, principalities, currencies and the absence of security to
goods in transportation were the main hazards for the Indian business community and perhaps
prevented the rise of Capitalism as in Europe.
The students took their time in joining up but at the end of the second week we had 26. Encouraged by the response we are going full steam and have,by now, covered ground from pre-historic times to the beginning of the 19th century. Since most students come from families doing business for generations, the course sort of provides them with a mirror to their own roots and identity. We are trying to give them an objective orientation to the ‘Indian’ way/s of business and trying to nudge them to develop the right attitude to the ‘Indian’ way. While integration of Indian Business with the world has to be encouraged, our students, when they make their careers, should not be indifferent to their roots and traditions, nor should they look at the past as cumbersome baggage.
Salient Points that have emerged from the class discussions so far:
1. There is an Indian Way of Business and it has evolved out of Indian ecology, social custom and
survived the test of time.
2. During the ancient period India and China together were centres of world trade because of large
agricultural surplus.
3. The Business World of the ancient period was from the Mediterranean Sea to the South East
Asian countries with India and China at the centre.
4. The India of the ancient period was from present day Afghanistan to Myanmar.
5. Since the world traded with them for essential commodities both India and China did not have
large merchant navies.
6. Trade was mainly in agricultural commodities, spices, perfumes, cotton and silk textiles,
brocades, ivory ,silver , gold etc
7. Europe had little or no agricultural surplus and hence lagged behind till the Renaissance.
8. European domination of trade began with better navigation, discovery of gun-powder and
better steel etc and,
9. European domination of Currency began with the discovery of gold in Africa and Central
America during the Age of Discovery (a d 1400-1600).
10. Indian traders, bound by caste and custom, rarely assimilated with the cultures they traded with
and stayed out of local politics.
11. Since India missed the Age of Mercantilism, accumulation of Capital collectively did not happen
in India; profits stayed with trading families who were also money-lenders and landlords
12. India also missed the Age of Capitalism and the Industrial Revolution due to internal instability
between 1600-1800.
13. Nevertheless, the local trading practices were so well formed that neither the Sultans, the
Mughals or the British disturbed them.
14. Indian traders and businessmen rarely challenged the rulers and adapted quickly to political
change and rulers’ whims.
15. Indian traders bought peace and protection by lending money to the rulers.
16. Indian businessmen, though they helped creation of wealth, were pragmatic enough to accept
social status below the Brahmins and Kshatriyas in the caste hierarchy.
17. Indian Businessmen also lived in harmony with the masses; turned a blind eye and a deaf ear to
general ridicule.
18. As a result of 14 to 17 noted above, there are no records of confiscation of the property of
businessmen by rulers or mob attacks on businessmen; nor were Indian Businessmen hate-
symbols like the Jews .
19. Resilience of Indian Businessmen stands out through History.
20. Because business was limited to certain castes from certain regions, notions of quality and
competition remained alien to Indian Business.
21. The absence of records of abject poverty, starvation deaths (barring periods of severe
droughts, epidemics and famines) in India by foreign travelers is testimony to the efficiency of
commodity trade in India.
22. The presence of too many kingdoms, principalities, currencies and the absence of security to
goods in transportation were the main hazards for the Indian business community and perhaps
prevented the rise of Capitalism as in Europe.
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