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6 - Indian Merchant-Financial Capitalists

Navigating beyond the Western-centric Sea Frontier

from Part I - Multicultural Origins of the First (Historical Capitalist) Global Economy, 1500–1850

Published online by Cambridge University Press:  17 December 2020

John M. Hobson
Affiliation:
University of Sheffield
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Summary

If Indians and Asians had been the leading producers and traders in the first global economy, as chapters 2 through 5 argue, then chapter 6 considers who they were as well as where and how they operated so effectively. It uses the Multānīs as a key example of Indian trading firms that plied the overland caravan routes. This gains added significance because Eurocentrism presumes that the so-called European-dominated High Seas displaced the trade on the overland routes. The chapter places special emphasis on critiquing the Eurocentric model of the Asian pedlar by revealing the rational methods and activities of the large-scale Multānī firms. Indeed, these matched the scale of leading European firms and bankers such as the Rothschilds and Warburgs. And it also problematises the Eurocentric Oriental despotism thesis by revealing the many ways in which the major Asian states—Mughal, Ottoman, Safavid and the Central Asian Uzbek Khanates—provided a highly conducive environment for the Multānī firmsto flourish.

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Chapter
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Multicultural Origins of the Global Economy
Beyond the Western-Centric Frontier
, pp. 151 - 164
Publisher: Cambridge University Press
Print publication year: 2020

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