Compare the industrialisation of Britain and India
Answers
Religion, especially Hinduism and Jainism, played an influential role in shaping economic activities.
Pilgrimage towns like Allahabad, Benares, Nasik and Puri, mostly centred around rivers, developed into centres of trade and commerce. Religious functions, festivals and the practice of taking a pilgrimage resulted in a flourishing pilgrimage economy.[8]
Economics in Jainism is influenced by Mahavira and his principles and philosophies. His philosophies have been used to explain the economics behind it. He was the last of the 24 Tirthankars, who spread Jainism. In the Economics context he explains the importance of the concept of 'anekanta'(non-absolutism).[9]
Family business[edit]In the joint family system, members of a family pooled their resources to maintain the family and invest in business ventures. The system ensured younger members were trained and employed in the family business and the older and disabled persons would be supported by the family. The system, by preventing the agricultural land from being split ensured higher yield because of the benefits of scale. Such sanctions curbed the spirit of rivality in junior members and made a peculiar sense of obedience.[10]
Organisational entities[edit]Along with the family-run business and individually owned business enterprises, ancient India possessed a number of other forms of engaging in business or collective activity, including the gana, pani, puga, vrata, sangha, nigama and sreni. Nigama, pani and sreni refer most often to economic organisations of merchants, craftspeople and artisans, and perhaps even para-military entities. In particular, the sreni was a complex organisational entity that shares many similarities with modern corporations, which were being used in India from around the 8th century BC until around the 10th century AD. The use of such entities in ancient India was widespread including virtually every kind of business, political and municipal activity.[11]
The sreni was a separate legal entity which had the ability to hold property separately from its owners, construct its own rules for governing the behaviour of its members, and for it to contract, sue and be sued in its own name. Some ancient sources such as Laws of Manu VIII and Chanakya's Arthashastra have rules for lawsuits between two or more sreni and some sources make reference to a government official (Bhandagarika) who worked as an arbitrator for disputes amongst sreni from at least the 6th century BC onwards.[12]There were between 18 and 150 sreni at various times in ancient India covering both trading and craft activities. This level of specialisation of occupations is indicative of a developed economy in which the sreni played a critical role. Some sreni could have over 1000 members as there were apparently no upper limits on the number of members.
The sreni had a considerable degree of centralised management. The headman of the sreni represented the interests of the sreni in the king's court and in many official business matters. The headman could also bind the sreni in contracts, set the conditions of work within the sreni, often received a higher salary, and was the administrative authority within the sreni. The headman was often selected via an election by the members of the sreni, who could also be removed from power by the general assembly. The headman often ran the enterprise with two to five executive officers, who were also elected by the assembly.[citation needed]