Who elaborated the drain of wealth theory propounded by dadabhai naoroji?
Answers
Milton Friedman elaborated the drain of wealth theory propounded by dadabhai naoroji.
It is also worth noting that this drain of wealth theory shows the constant flow of wealth from India to England.
This then implies that India was unable to get an adequate economic, commercial as well as material return.
Romesh Chunder Dutt.
He was an economic historian, civil servant, writer as well as the translator of Mahabharata and Ramayana.
He spoke about the drain of wealth theory propounded in the book 'Poverty and Un -British Rule in India' by Dadabhai Naoroji and further elaborated on it in his book 'Economic History of India' in which it was mentioned that the British exploited India economically and its effects were visible on the Indian industry.
The drain of wealth theory speaks about a massive portion of the national product of India that was not available for consumption for Indians because the British took them away to Britain.