Question

write a short note on MG Ranade views on economic transformation

Answer 1

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Mahadev Govind Ranade (18 January 1842 - 16 January 1901) was a distinguished Indianscholar, social reformer and author. He was a founding member of the Indian National Congress (INC)[1][2] and owned several designations as member of the Bombay legislative council, member of the finance committee[1] at the centre, and the judge of Bombay High Court.[3]

As well known public figure, his personality as a calm and patient optimist would influence his attitude towards dealings with Britain as well as reform in India. During his life he helped to establish the Vaktruttvottejak Sabha, the Poona Sarvajanik Sabha and the Prarthana Samaj, and would edit a BombayAnglo-Marathi daily paper, the Induprakash, founded on his ideology of social and religious reform.


Mahadev Govind Ranade was born in Niphad, a taluka town in Nashik district in a Chitpavan Brahmin family.[4] Upon the death of his first wife, his reform-minded friends expected him to marry (and thereby rescue) a widow. However, he adhered to his family's wishes and married a child bride from the Kurlekar family, whom he subsequently provided with an education.[5] After his death, she (Mrs. Ramabai Ranade) continued her social and educational reform work.He had no children.



He studied in a Marathi school in Kolhapur and later shifted to an English medium school. At age 14, he went to study at the Elphinstone College, Bombay. He belonged to the first batch of students at the University of Bombay. He secured a BA degree in 1862 and four years later, secured his LLB.

Answer 2

The following points highlight the top four economic ideas of Mahadev Govind Ranade. The economic ideas are: 1. Method and Scope of Political Economy 2.Economic Education 3. Economic Development 4. India’s Poverty.

Economic Idea # 1. Method and Scope of Political Economy:

After a careful study of the economic systems of various European countries, Ranade believed that inductive or historical method was the best. In his words, “The method to be followed is not the deductive but the historical method which takes into account the past in its forecast of the future; relativity and not absoluteness, characterizes the conclusion of the economic science”.

Again, while the classical economists believed in the universal application of economic laws, Ranade considered economic laws were only relative. In other words, he believed in the doctrine of relativity. Ranade criticised Adam Smith, David Ricardo, Malthus, James Mill and Meculloch for their absolutism and assumptio:

He said that their ideas were applicable only to a static society. He held the view that in India, institutions like family and caste were more powerful than the individual in the determination of his economic position. Wealth was not the only thing to be aimed at.

He said that the traditional assumptions of economic theory were true only for England. Being influenced by the ideas of Adam Muller and List, Ranade emphasised the many sided development of productive powers. Further he suggested that the study of theory and practice should go side by side. “Theory” says Ranade, “is only relation to proximate causes”.

Economic Idea # 2. Economic Education:

Ranade emphasised the importance of economic education in promoting the wealth of a nation. He said, “The nation’s economic education is of far more importance than the present gain of its individual members, as represented by the quantity of wealth measured by its value in exchanges. In a sound and normal condition all the three departments of national activity must be fully developed. Commerce and manufactures are, if possible, more vital in their bearing on education, on the intelligence and skill and enterprise of the nation than agriculture.”

Economic Idea # 3. Economic Development:

Ranade held that economic development was a complex phenomenon and it had many inter­related causes. It was connected with economic institutions. Thus economic development of India depended on economic, social and political institutions. It was the duty of the state, to direct and channelize the activities of individuals and institutions, towards a well determined goal. In India, since the private initiative was shy, the state should undertake measures for the industrial development of the country.

“The State”, said Ranade,” is now more and more recognised as the national organ for taking care of national needs in all matters in which individual and cooperative efforts are most likely to be so effective and economical as national effort. To relegate them to the simple duty of maintaining peace and order is really to deprive the community of many of the advantages of the social union”.

Economic Idea # 4. India’s Poverty:

Dutt and Naoroji believed that poverty of India was the result of the British rule. Ranade believed that mass poverty had been there in India even before the British