Article Citation: Preetham G Kamath. (2020). TRADE, COMMERCE AND ECONOMICS:
INDIAN PERSPECTIVES VERSUS WESTERN THOUGHTS, DIFFERENCES AND SIMILARITIES. International
Journal of Engineering Technologies and Management Research, 7(12), 60-63. https://doi.org/10.29121/ijetmr.v7.i12.2020.837 Published Date: 28 December 2020
Keywords: Perspectives Commerce Differences Similarities Economics Thoughts Commerce, this has been an essential aspect of every individual’s life. The history of commerce dates back to the evolution of the human race on planet earth. It all started with a barter system where give and take was the policy. As and when the human race started to evolve loopholes in the system started to grow, and slowly but steadily, complexities started growing. Commercial aspects started gaining much relevance in peoples lives. People started dividing themselves geographically and started exchanging between two distinct geographies, as and when the divisions were made, there started differences in the thoughts as to how commercial activities are ought to be conducted. While few conflicted with each other, few were drawn on similar lines to ensure smooth commercial activities. Such commercial activities slowly started forming economies of the geographies, economists who defined the way economies have to be run with their theories grew in number. This paper draws differences and similarities between thoughts that arose between Indian and western country’s economists on commerce and economic activities over various time frames.
1. INTRODUCTIONHistory of Indian Commerce and
Economics: Indian trade and commerce gained
significant importance from the ages of Kautilya who
wrote one “Arthashastra” which talks about economics
and polity. Later, Mughal dynasty ruled over India and various emperors like
Akbar, Tughluq took control of India's economics. India, towards its
independence, also saw Gandhian economics. However, Gandhi himself was not an
economist, he played a significant role in reducing salt prices and encouraged
swadeshi products to generate more revenue internally and avoid British from
transferring Indian money to home country in the form of taxes.
Post-independence too India saw various models such as the Mahanobi’s
model and many more History of Western Commerce and
Economics: Explorers opened up
to move to countries like India and America due to the Ottoman empire's
superior position. However, trade and commerce started gaining relevance only
in between the 13th and 14th century. Western civilization
was primarily hit by great famine and black death from 1290 to 1348 2. METHODOLOGICAL APPROACHThe current article is conceptual and
derives its essence from various other research
previously carried out. Thus, a review of literature plays a pivotal role in
drawing the differences and similarities. The literature reviews give an idea
on theoretical concepts future scope and present sources 3. REVIEW OF LITERATURETable 1: Perspectives
4. SIMILARITIESThough economists vary from one another and their perspective varies, both Indian and Western theorists clearly understand the necessary foundation of economics. Although the Western economists came much later than the Indian economists, definitions of the economy match as both Kautilya and Adam Smith propagated that economy in brief means to say the wealth of nations. However, there are many disagreements between the driving force and demand creation in a running economy. Economists of both the school of thoughts agree that modern-day economy runs on denationalization and free trade. 5. DIFFERENCESKautilya and Adam Smith had similar views on the economy, but the distinguishing factor of their definitions of the economy is that on the one hand, Kautilya goes deep into explaining every factor that drives trade commerce and economy and on the other hand Adam smith goes on with a crisp definition. While at the age of Thiruvalluvar and David Ricardo India was still dependent on agriculture as their livelihood wherein western world had begun production and industries. Thus, their thoughts do not coincide at any point at all. Economists like Dadabhai Naroji had a clear difference between their primary thought of how Indian economy should have been and how it was due to western (British) draining the Indian economy. V.K.R.V Rao contradicts with John Maynard Keynes that Keynesian theory only focused on developed economies and never focused on underdeveloped economies where difference exists between income and consumption. 6. CONCLUSIONThere is a great set of differences and similarities between two schools of thoughts, Current conceptual paper analyses handfew of fine economists of the same period and draws similarities and differences between their thoughts. Although there are deltas between thoughts, all economists' ultimate agenda remained the same viz to suggest theories and practices that would refuel the economy or continue the economy at the current pace. History and efforts of such economists have laid stronger foundations for future studies in economics and pave the way to analyze and improve the current perspective of trade, commerce, and economics. SOURCES OF FUNDINGThis research received no specific grant from any funding agency in the public, commercial, or not-for-profit sectors. CONFLICT OF INTERESTThe author have declared that no competing interests exist. ACKNOWLEDGMENTNone. REFERENCES [1] Boundless. (2018). Boundless World
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