Contents: Preface. I. Introduction: The economic background. 2. Decolonization? II. The politico-ideological dimension: 1. Emergence of class organization. 2. Imperialism and the capitalist class. 3. The Indian capitalist class and the national movement. III. Finance and monetary policy I: 1926-28: 1. Introduction. 2. The ratio. 3. The gold standard. IV. Finance and monetary policy II: 1929-39: 1. The depression. 2. The rupee-sterling link. 3. Gold exports. 4. Government budgetary policy. 5. The Reserve Bank of India. V. Finance and monetary policy III: the war and after: 1. Sterling balance. 2. The Empire Dollar pool. 3. Post-war monetary agreements : the IMF and the IBRD. VI. Tariffs, trade and industry I: 1916-30 :1. Introduction: industrial policy of the Government of India. 2. The fiscal autonomy convention, 1919 and the fiscal commission report, 1921-22. 3. The cotton textile industry (protection) bill, 1930. VII. Tariffs, trade and industry II: 1932-36 : 1. Introduction. 2. Ottawa agreement, 1932. 3. Mody-Lees pact and Indo-British Trade Agreement, 1935. VIII. Tariffs, trade and industry III: 1936-39 : 1. Indo-British trade negotiations, 1936-39. IX. Tariffs, trade and industry IV: 1939-47 : 1. Introduction. 2. The war as opportunity. 3. United Kingdom commercial corporation. 4. Capital issues control. 5. Excess profit tax. 6. Eastern group conference, American technical mission and the lease-lend agreement. 7. The post-war years: international conference on trade and employment and the International Trade Organization. X. Foreign capital: 1. Introduction. 2. Reservation. 3. United Front. 4. Right to discriminate. 5. The war years: Indian Ltds. 6. Role of the state. 7. Repatriation. 8. Inflow of foreign capital. 9. Concluding remarks. XI. Planning and public sector: 1. Introduction: need for planning. 2. Why public sector? 3. Capitalists defend their plan. 4. Left nationalist and capitalist view : the commonalities. 5. Left nationalist and capitalist view : the differences. XII. Concluding remarks. Appendix. Bibliography. Index.
"This pioneering book analyzes the evolution of Indian capitalists as a mature, politically conscious, all India class, and simultaneously provides a comprehensive economic history of colonial India in the first half of the twentieth century. It details the extremely complex nature of the relationship that the capitalists developed with imperialism and nationalism and questions many simplistic stereotypes such as that the capitalist class was loyalist or incapable of being consistently anti-imperialist, or that the course of the national movement was critically determined by the capitalist class.
"Aditya Mukherjee argues, to the contrary, that the Indian capitalists, while of necessity maintaining a working relationship with the colonial state, evolved a sophisticated economic critique of colonialism, including such complex phenomena as the "unequal exchange" that occurs in the trade between countries with different levels of productivity. They thus continued the task performed by the early nationalists in the late nineteenth century, of being the national watchdogs and of exposing imperialist designs on the economic front. And while they neither led nor created the national movement, they gave support to it in a manner that would keep the Left-wing within the movement contained and help save capitalism as a system. The role played by leaders such as Sir Purshotamdas Thakurdas and G.D. Birla and their relationship with national leaders such as Gandhiji, Sardar Patel and Nehru is also discussed.
"Professor Mukherjee provides a detailed analysis of the economic debates of the time on issues concerning tariffs, trade, industry, monetary policy, foreign capital, planning and the public sector. Some of the other significant aspects discussed are:
The critical involvement of Indian capitalists in economic bargaining with the British Government both in India and England during trade negotiations, in the legislatures, in parliamentary commissions, during the Round Table Conferences, and in negotiating the return for India of the famous Sterling Balances that the British had claimed as forced credit during the Second World War.
The Indian capitalists’ efforts at securing a better position for India and other under-developed countries in the multilateral monetary and trade institutions—such as the International Monetary Fund and the International Trade Organization—that were being contemplated after the Second World War.
The crucial linkages between the economic, political and ideological evolution of the Indian capitalist class and the nature of the post-colonial state, society and economy.
"Overall, this book is a major and distinctive contribution to the complex theoretical question of the relationship between class, nation and state in colonial and post-colonial societies. Based on extensive research and authentication from diverse sources both from India and Britain—including government archives, business chambers’ and institutional papers, private papers, newspapers and interviews—this book will interest scholars and students in the fields of history, political science, sociology, business management and economics."
