What were the dynamics and shifts in the movements of precious metals in the past? How does the creation of worldwide flows in the precious metals relate to the world systems theory? Was the Indian Ocean and Asia external to the world system? Did the transformations in the world economy largely relate to and emanate from Europe? The essays in this volume explore these questions through a critical examination of the experiences of different countries, especially those of India. Moving from the early stage of capitalist development to that of high imperialism and beyond, this volume investigates how the world economy was governed by the needs of merchant capital and high imperialism from 1500 to 1750, and by shifts in the process of industrial revolution in the subsequent period, from the 1870s to the 1940s. Empirical and theoretical discussions about the role of precious metals over time and across countries, both within and outside imperial boundaries, highlight the extent to which India’s position in the world economy was shaped by its access to precious metals, and the role it played in the development of capitalism. The volume further provides both a broad framework and useful insights into the role of gold in the capitalist world economy by undertaking cross-national comparisons with a non-colonized Asian country, Japan, and two British colonies or ex-colonies, South Africa and Australia. This book offers a powerful argument for revising the standard thesis articulated by Immanuel Wallerstein and others and revisits the rise of capitalism in terns of developments in Asia and particularly in India. It will appeal to specialists in world systems theory, capitalism, British imperialism, and to economists and historians more generally.
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