By Sugata Bose
This examine attracts on various historiographical techniques to discover a subject matter significant to all discussions of the colonial economic system in India. Bose considers such questions as why peasants borrowed, how credits intruded into peasants' lives and reworked their international, how we may well so much usefully signify the connection among peasants and usurers, and the way borrowers understand their collectors.
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Extra resources for Credit, Markets and the Agrarian Economy of Colonial India
275. 41 Carver, SelectedReadingsin Rural Economics,pp. 939-42. 39 38 / CREDIT, MARKETS AND THE AGRARIAN ECONOMY of living rose, and debt greatly increased. No better instance could be given of the close correspondence between even remote countries in their rural problems. EFFECT OF HIGH PRICES The expansion in credit that followed th~ rise in the value of land is undoubtedly the main factor in the increase of debt, but the high prices which came with the-Great War also had something to do with it.
33 As the Royal Commission on Agriculture remarked: 'Causes which the cultivator seldom understands ... 34 Outside India we find the same influence at work. , which took place in Europe in the latter half of the nineteenth century, was due, amongst other causes, to a rise in the value of land. 35 Till the French Revolution, and in some countries till much later, the peasant in Europe was 29 Memorandum. B. Fuller. Indian FamineCommissionReport, 1880, ii, p. 133. 31 Slater, Some South Indian Villages,p.
81The situation was, however, greatly relieved by a remission of over 1112crores in 1931. THE CAUSES OF DEBT SUMMARIZED We have now examined all the causes of debt, and ... may summarize our conclusions as follows: There are four main reasons why the peasant proprietor is obliged to porrow:80 Namely, Pasrur (Sialkotj, Gujar Khan (Rawalpindi), and Ferozepore. In Pasrur it is said to be difficult to pay land revenue in bad years, and it is reported to be a cause of debt in the riverain area ol the Ferozepore tahsil.
Credit, Markets and the Agrarian Economy of Colonial India by Sugata Bose