Indian Currency and Finance
Jul 2025 · BEYOND BOOKS HUB
Ebook
133
Pages
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About this ebook
Indian Currency and Finance is one of the earliest and most insightful works by John Maynard Keynes, published in 1913 when he was a young economist working in the British Treasury. This seminal text provides a lucid and systematic analysis of the monetary system of British India, dissecting the complexities of currency policy, gold reserves, and financial governance under the colonial administration. The book is divided into focused chapters, beginning with the status of the Indian rupee, then delving into the workings of the Gold Exchange Standard, the issuance of paper currency, and the management of Council Bills. Keynes critiques the structure and performance of the Secretary of State’s reserves, cash balances, and the operation of Indian banks, offering both theoretical insights and practical reforms. Key themes include: The inadequacies and contradictions of the Gold Exchange Standard as applied in India. The interaction between currency policy and colonial fiscal control. A sharp economic analysis of Council Bills, which functioned as a mechanism for transferring funds between India and Britain. Proposals for currency reform to ensure greater monetary autonomy and financial stability in the colony. What makes this book particularly significant is its blend of empirical evidence, theoretical modeling, and a bold, reformist tone. Keynes, though writing under the constraints of colonial administration, does not shy away from critiquing the financial mechanisms that drained India's economic vitality. His recommendations later laid foundational ideas for broader economic reforms and monetary sovereignty in the global south. This book remains an important resource for those studying: Colonial economic systems History of Indian finance Development of Keynesian monetary thought
About the author
John Maynard Keynes (1883–1946) was a towering figure in 20th-century economics. A British economist and philosopher, he is best known for founding Keynesian economics, which transformed modern macroeconomic theory and public policy. Keynes’s ideas on government intervention during economic downturns laid the intellectual foundation for the New Deal in the United States and post-WWII European reconstruction. Indian Currency and Finance marks one of his earliest published contributions and displays his keen analytical mind even before his landmark work The General Theory of Employment, Interest, and Money.
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