Title:
Back to the Future: Roots of Commodity Trade in India
Author: Jignesh Shah & Biswajeet Rath
Takshashila Academia of Economic Research, Mumbai, 2009
Pages: 144; with over 160 color illustrations
Cover: Hard cover with dust jacket
Price: US$50; Rs999
Commodity
trade is one of the oldest trades and its history can be traced back to the
roots of ancient civilizations. In the 1400s, India was a nation blessed with
wealth. Commodities such as wheat and rice, and cotton for cloth were grown
in India, as in other parts of Asia and Europe. Around the same time, Vasco
da Gama in his search for new trade routes discovered India with its rich abundance
in spices and other commodities, and introduced an important trading nation
to the rest of the world.
In the first millennium,
India enjoyed around 33% of the world GDP and was also the world’s largest
economy. We were also the world’s foremost exporter of goods such as textiles,
steel and iron products, and spices until the 11th century. At the onset of
the 17th century, more than half of the world’s exports were from India
and China. Being the largest trading nation, ports and markets abounded all
over the country.
Back to the Future: Roots
of Commodity Trade in India by Jignesh Shah and Biswajeet Rath provide a fascinating
insight on the antiquity of commodity trade in India. It utilizes cartographic
tools for plotting the spread of commodities and their trade in various parts
of ancient and medieval India.
India was once the wealthiest
nation on earth and contributed to 50 per cent of the world’s exports.
The journey of commodity trade that began in India way back in the Indus Valley
civilization has been long and winding. The book is presented in a chronological
sequence of six chapters explores ancient Indian history and the information
it provides on commodity trade, contemporary prices, market places, traders
and trade routes, measurement systems, and state regulation of such trade. The
study takes into account ancient Indian literature, archaeological evidence,
and inscriptions that record commodity trade and price regulation for the entire
period of Indian history, particularly from the 6th century BCE onwards. This
book also refers to numerous secondary sources on trade practices in ancient
and early medieval India, and utilizes cartographic tools for plotting the spread
of commodities and their trade in various parts of ancient and medieval India.
On reading the book one
realizes the relevance of delving into history or past to understand the future.
Commodity trade of today has been shaped by the influences of the past. The
authors’ standpoint that expansion of markets is irrevocably connected
with the development of political and social institutions is well illustrated.
The book also depicts that development of a place is invariably linked to its
markets and trading culture. The book refers to the regulatory practices sketched
out in Kautilya’s Arthashastra. It is interesting to note that the need
for proper regulation of market by trade bodies was not overlooked even during
the earlier eras.
The lucid presentation of
facts substantiated with images convinces the reader that one cannot dispel
the learnings of the past since it serves as the guide for the uncertain future.
Perhaps the most useful aspect of the book is its ability to link the past with
the present. This is particularly helpful as the world is trying its best to
minimize the effects of the challenges of 2008. The well researched work—probably
for the first time—makes history interesting.
The book will definitely
serve as a reference for those who want to understand the dynamics of Indian
commodity markets. Indeed, as aptly said, “...even while we are caught
in an irreversible march towards the future…commerce will always go “back
to the future …the objectives of a profitable commodity trade will remain
the same in times to come.”