By Sugata Bose
This learn attracts on quite a few historiographical ways to discover a topic vital to all discussions of the colonial economic system in India. Bose considers such questions as why peasants borrowed, how credits intruded into peasants' lives and remodeled their international, how we might so much usefully represent the connection among peasants and usurers, and the way borrowers understand their collectors.
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Additional resources for Credit, Markets and the Agrarian Economy of Colonial India
ORR0°WING There is only one btight spot in the pitture. Part of the increase is due to productive expenditure. ' 57 In regard to th!! Il's,too, hav~ been borrowed by the many borrowed. migrants to finance their way abroad. This again is prbductive,for elnigrants rarely return·empty-handed. If prices had not falleh, we should have had to add the large sums borrowed to buy land in the new colonies; but, as the event has proved, these loans can hardly be called productive, for most of those who bought have bitterly regretted the purchase.
Gujranwala. no credit to supi plement it. than to alter their scale of living'. were signs of this, notably in the lavish-expenditure upon marriage, which ... is one of the ba§ic causes of debt. means uniform. In, the • north, where the increase of debt has been comparatively small; not much more appears to, be spent upon marriage than thirty years ago; and everywhere amongst the educated there are signs of a desire for economy: the nautch and the firework dlsplay are condemned, and less is spent upon jewellery\,But in the central and more prosperous districts, where the increpse in : Also busier, for till 1921-the position has 2 changed since-<:ultivation increased faster than population. With the spread of the canal, too, has come an immense development of trade. In 1872, the Punjab received only 4 lakhs for its surplus grain; in 1918, over 24 crores. 3 In fifty years, the value of agricultural produce rose from 35 to over 120 crores, 4 and during the years of high prices after the war the canal colonies alone produced £ 20 millions a year. In two years (1919-21) over 9 crores were absorbed in gold and silver, 5 and in 1929, before the fall in prices, the deposits of the province were estimated at over 30 crores.
Credit, Markets and the Agrarian Economy of Colonial India by Sugata Bose
Also busier, for till 1921-the position has 2 changed since-<:ultivation increased faster than population. With the spread of the canal, too, has come an immense development of trade. In 1872, the Punjab received only 4 lakhs for its surplus grain; in 1918, over 24 crores. 3 In fifty years, the value of agricultural produce rose from 35 to over 120 crores, 4 and during the years of high prices after the war the canal colonies alone produced £ 20 millions a year. In two years (1919-21) over 9 crores were absorbed in gold and silver, 5 and in 1929, before the fall in prices, the deposits of the province were estimated at over 30 crores.