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  3. Capital Shortage
  • Cited by 2
Publisher:
Cambridge University Press
Online publication date:
September 2023
Print publication year:
2023
Online ISBN:
9781009359023
DOI:
https://doi.org/10.1017/9781009359023
Subjects:
History, Regional History after 1500, Economic History
Series:
Cambridge Studies in Economic History - Second Series
Information

Book description

The great majority of the population in colonial and postcolonial India lived in the countryside and were poor. Many were unable to find gainful work outside agriculture and remained dependent on a livelihood that provided only subsistence, and a precarious one. Seeking the roots of persistent poverty, Maanik Nath finds that the pervasive high cost and shortage of capital affected the peasant's ability to invest in land. The productivity of land, as a result, remained small and changed little. Bridging economic theory and historical evidence, Capital Shortage shows that climate, law, policy design, and interactions between these factors, perpetuated a stubborn cycle of low investment and widespread deprivation over several decades. These findings can be tested against credit and development in preceding and succeeding periods as well as positioned in comparative global context.

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