Subject
Currency question -- India Books
Best books
John Maynard Keynes
Indian Currency and Finance
"Indian Currency and Finance" by John Maynard Keynes is a detailed economic analysis and examination of the currency system in India, written in the early 20th century. The book focuses on the historical context, evolution, and implications of India's transition from a silver-based currency system to a more complex gold-exchange standard. It delves into the characteristics of the Indian rupee, government policies, and the intricacies of the banking and currency mechanisms that operate within the Indian economy. The opening of the work presents a broad historical overview of India's currency system, detailing how the country's currency was primarily based on silver until the pivotal changes made in the 1890s. Keynes notes the challenges posed by fluctuating silver values and explains the rationale behind the shift to a gold standard initiated in 1893, emphasizing the administrative decisions that led to the current system. He outlines various critiques of currency policies from the past and prepares the reader for a deeper exploration of topics related to the rupee's value, the transition to paper currency, and the role of gold in stabilizing the economy.
B. R. (Bhimrao Ramji) Ambedkar
The Problem of the Rupee, Its Origin and Its Solution
"The Problem of the Rupee, Its Origin and Its Solution" by B. R. Ambedkar is a socio-economic treatise written in the early 20th century. This work delves into the intricacies of the Indian currency system, tracing its historical evolution, its theoretical foundations, and presenting potential solutions to the challenges it faces. The author critically examines the transformation of the Indian currency from a gold standard to a gold exchange standard, emphasizing the implications for the rupee's stability and purchasing power. The opening portion of the text lays a groundwork for understanding the complexities of currency in India, particularly during the colonial period. Ambedkar argues that the transition from a double standard of gold and silver to a silver monometallic standard was riddled with errors and ultimately led to economic instability. He highlights the inadequacies of existing currency reforms and critiques the prevailing opinions of other economists, including John Maynard Keynes, asserting that merely addressing surface symptoms of currency issues will not suffice. Instead, Ambedkar posits that a more radically structured currency, possibly involving an inconvertible rupee with a controlled issuance, would offer a more stable economic foundation for India moving forward.
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