India's Balance of Indebtedness

Originally published in 1937, this study was modelled on Jacob Viner’s famous work on Canada and when it was published it was an important addition to the growing literature in Applied Economics. The period selected was a time of increased foreign borrowings by India and expanding foreign demand for her products. It was also the period when the Gold Exchange Standard was being introduced into the country. The author therefore had the opportunity to find out not only whether the theory of international adjustment was borne out by India’s experience but also showed to what extent, if any, the process of adjustment was affected by the peculiar currency organization. The book discusses the interrelations of foreign borrowings, the barter terms of trade and the price-level of India and throws important light on the currency controversies both old and new. The book will be of interest to students of India’s economic and monetary history.