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Indian Currency And Finance
Originally published in 1913. A detailed account of Indian Finance of the time. Contents include - The Present Position of the Rupee - The Gold-Exchange Standard - Paper Currency - The Present Position of Gold in India and Proposals for a Gold Currency - Council Bills and Remittance - The Secretary of State's Reserves and the Cash Balances -Indian Banking - The Indian Rate of Discount. Author: John Maynard Keynes Language: English Keywords: Economics / India / History Many of the earliest books, particularly those dating back to the 1900s and before, are now extremely scarce and increasingly expensive. Obscure Press are republishing these classic works in affordable, high quality, modern editions, using the original text and artwork.
276 pages, Hardcover
First published July 28, 2000
About the author
John Maynard Keynes
446 books735 followersJohn Maynard Keynes, 1st Baron Keynes (CB, FBA), was an English economist particularly known for his influence in the theory and practice of modern macroeconomics.
Keynes married Russian ballerina Lydia Lopokova in 1925.
NB: Not to be confused with his father who also was an economist. See John Neville Keynes.
Keynes married Russian ballerina Lydia Lopokova in 1925.
NB: Not to be confused with his father who also was an economist. See John Neville Keynes.
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Displaying 1 - 2 of 2 reviews
October 30, 2016
This is the first of John Maynard Keynes's books, written back in 1913, and it has little of the flair of his later ones. It is filled with detailed tables of note issues, discussions of "crores" and "lakhs" of rupees, and arguments over how much reserves are kept by the Secretary of State for the Council of India in the Paper Currency Reserve versus the Gold Standard Reserve and Cash Balance Reserve.
Yet Keynes's particular insights do occasionally shine through. The book's main point is that, beginning in 1893, India stumbled from a "silver standard" to a "gold exchange standard," where gold is only used for foreign trade, without even realizing it. Although the British tried to force Indians to use gold coins, the locals would have none of the high-valued British Sovereigns. Instead, the Indian government began exchanging gold for Indian money only in London, which meant that India could use and control token silver rupee coins at home, even while adhering to an international gold standard for trade and exchange. This allowed the government to both economize on the actual metals and control its domestic money supply more intelligently.
In fact, Keynes argued that "India, so far from being anomalous, is in the forefront of monetary progress." He thought India's fumblings toward an exchange standard were but a harbinger of a time, "not far distant," when Europe would give up gold and silver money entirely in order to "regulate her standard of value on a more rational and stable basis." He knew "It is not likely that we shall leave permanently the most intimate adjustments of our economic organism at the mercy of a lucky prospector, a new chemical process, or a change of ideas in Asia." The very next year, due to the World War, most of Europe would in fact leave the gold standard, though these governments' handling of a pure paper currency was often less than rational.
Despite its stodginess, this book will give the reader insights into the financing of British imperialism in India and elsewhere, the nature of money exchanges and banking in the colonies, and, most of all, the workings of a young mind itself stumbling towards greater things.
Yet Keynes's particular insights do occasionally shine through. The book's main point is that, beginning in 1893, India stumbled from a "silver standard" to a "gold exchange standard," where gold is only used for foreign trade, without even realizing it. Although the British tried to force Indians to use gold coins, the locals would have none of the high-valued British Sovereigns. Instead, the Indian government began exchanging gold for Indian money only in London, which meant that India could use and control token silver rupee coins at home, even while adhering to an international gold standard for trade and exchange. This allowed the government to both economize on the actual metals and control its domestic money supply more intelligently.
In fact, Keynes argued that "India, so far from being anomalous, is in the forefront of monetary progress." He thought India's fumblings toward an exchange standard were but a harbinger of a time, "not far distant," when Europe would give up gold and silver money entirely in order to "regulate her standard of value on a more rational and stable basis." He knew "It is not likely that we shall leave permanently the most intimate adjustments of our economic organism at the mercy of a lucky prospector, a new chemical process, or a change of ideas in Asia." The very next year, due to the World War, most of Europe would in fact leave the gold standard, though these governments' handling of a pure paper currency was often less than rational.
Despite its stodginess, this book will give the reader insights into the financing of British imperialism in India and elsewhere, the nature of money exchanges and banking in the colonies, and, most of all, the workings of a young mind itself stumbling towards greater things.
August 29, 2014
In his first published book, Lord Keynes provides a critical view to the way finances were run in the early 20th century colonial India. He finds the tendencies of hoarding amongst Indians particularly damaging and openly criticizes the corruption of government officials in India.
He shows Indian problems as a general issue with finance all over the world and proposes that centralization of gold reserves through dependence on circulation money is the best way to employ the riches of India - much like of any other country. Indeed his ideas were to resonate soon once the economic depression hit the world.
With his ideas back into popularity after the 2009 crisis, I find it rather surprising that the book is not at all concerned with socio-political impact of policies. It makes me wonder if it possible to interpret Keynes in our times without the Marxist backdrop of the post-war era. No comment had been made in the book on the colonial conflicts in India during the time. A poverty which India still hasn't escaped from is not touched upon at all in Keynes's account of India. In fact, he seems more concerned about Jews in London benefiting from ryots of India.
Reading the book is an excellent exercise in coming to terms with the difficulties of invoking relevance of theories from a bygone era into modern times.
He shows Indian problems as a general issue with finance all over the world and proposes that centralization of gold reserves through dependence on circulation money is the best way to employ the riches of India - much like of any other country. Indeed his ideas were to resonate soon once the economic depression hit the world.
With his ideas back into popularity after the 2009 crisis, I find it rather surprising that the book is not at all concerned with socio-political impact of policies. It makes me wonder if it possible to interpret Keynes in our times without the Marxist backdrop of the post-war era. No comment had been made in the book on the colonial conflicts in India during the time. A poverty which India still hasn't escaped from is not touched upon at all in Keynes's account of India. In fact, he seems more concerned about Jews in London benefiting from ryots of India.
Reading the book is an excellent exercise in coming to terms with the difficulties of invoking relevance of theories from a bygone era into modern times.
Displaying 1 - 2 of 2 reviews