The Problem of the Rupee

Its Origin and Its Solution

Various

• Publisher: Science & Technology Publishing
• Year: 2025
• Topic: Business
• eBook ISBN:
  9782528118375
• Subtopic: Finance
• Index: Business

The Problem of the Rupee: Its Origin and Its Solution is a seminal work by Dr. B. R. Ambedkar, first published in 1923, which offers a comprehensive and critical analysis of the monetary history of India, focusing on the evolution and challenges of the Indian currency system. The book meticulously traces the origins of the rupee, examining its transformation from a silver-based currency to its entanglement with the global gold standard, and the resulting economic and social consequences for colonial India. Ambedkar begins by exploring the ancient and medieval history of Indian coinage, providing insights into the economic principles that governed the issuance and regulation of money in the subcontinent. He then delves into the colonial period, highlighting the impact of British monetary policies, particularly the adoption of the silver standard and the subsequent currency crisis triggered by the global decline in silver prices. The book details the debates and controversies surrounding the currency question, including the recommendations of various commissions and the responses of Indian and British policymakers. Through rigorous economic analysis, Ambedkar critiques the prevailing currency systems, exposing their flaws and the hardships they imposed on the Indian populace, especially in terms of inflation, deflation, and the loss of purchasing power. He argues that the instability of the rupee, caused by its dependence on silver, led to severe economic dislocation, affecting trade, agriculture, and the general welfare of the people. Ambedkar's work is distinguished by its scholarly depth and its advocacy for a stable and scientific monetary system. He proposes a shift from the silver standard to a gold exchange standard as the most viable solution to the rupee problem, emphasizing the need for a managed currency that would ensure economic stability and protect the interests of the Indian people. The book concludes with a detailed exposition of his proposed reforms, including the establishment of a central bank and the adoption of modern monetary management practices. The Problem of the Rupee: Its Origin and Its Solution remains a landmark contribution to Indian economic thought, reflecting Ambedkar's expertise as an economist and his commitment to social justice. It is an essential read for anyone interested in the history of Indian finance, colonial economics, and the intellectual legacy of one of India's foremost thinkers.

Table of contents

• PREFACE
• FOREWORD
• CHAPTER I
• CHAPTER II
• CHAPTER III
• CHAPTER IV
• CHAPTER V
• CHAPTER VI
• CHAPTER VII
• INDEX