| Title | : | The Problem of the Rupee: Its Origin and Its Solution |
| Author | : | |
| Rating | : | |
| ISBN | : | - |
| Language | : | English |
| Format Type | : | Kindle , Hardcover , Paperback , Audiobook & More |
| Number of Pages | : | 309 |
| Publication | : | First published January 1, 1923 |
In endeavouring to treat the historical side of the matter, I have carefully avoided repeating what has already been said by others. For instance, in treating of the actual working of the exchange standard, I have contented myself with a general treatment just sufficiently detailed to enable the reader to follow the criticism I have offered. If more details are desired they are given in all their amplitude in other treatises. To have reproduced them would have been a work of supererogation; besides it would have only obscured the general trend of my argument. But in other respects, I have been obliged to take a wider historical sweep than has been done by other writers. The existing treatises on Indian currency do not give any idea, at least an adequate idea, of the circumstances which led to the reforms of 1893. I think that a treatment of the early history is quite essential to furnish the reader with a perspective in order to enable him to judge for himself the issues involved in the currency crisis and also of the solutions offered. In view of this, I have gone into that most neglected period of Indian currency extending from 1800 to 1893. Not only have other writers begun abruptly the story of the exchange standard, but they have popularised the notion that the exchange standard is the standard originally contemplated by the Government of India. I find that this is a gross error. Indeed, the most interesting point about Indian currency is the way in which the gold standard came to be transformed into a gold exchange standard. Some old, but by now forgotten, facts had therefore, to be recounted to expose this error.
The Problem of the Rupee: Its Origin and Its Solution Reviews
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Gold is a kind of metal, the gold standard came to be transformed into a gold exchange standard which distinguishes the value of the recognized currency liquidity of their country.
As Dr. Ambedkar said, “overlooked by Professor Keynes, that nothing will stabilize the rupee unless we stabilize its general purchasing power.”
The interesting part of the forward was phrased by Prof. Edwin Cannan of Mr. Ambedkar’s hostility to the system, nor accept most of his arguments against it and its advocates. But he hits some nails very squarely on the head, and even when I have thought him quite wrong, I have found a stimulating freshness in his views and reasons. An old teacher like myself learns to tolerate the vagaries of originality, even when they resist “ severe examination ” such as that of which Mr. Ambedkar speaks.
The paradox of the principal units of currency (rupee value) is different weight Troy Grs. Issued by the government of India in three presidencies Bombay, Madras, and Bengal within the country. The author reflects about the bimetallism market ratio rating involved an under-valuation of the pagoda and he said that their choice of monometallism was ill-advised, for it must be admitted that a single standard better guarantees this fixity than does not a double standard.
The work of this book by the author Ambedkar for both competes economists and students. The currency analysis of and the problem addressed here is scientific and the problem faced in the Indian economy and the British government kept the overvalued exchange rates to sell their finishing goods in the Indian market for a high price by grabbing the raw materials from India by the British administration.
Feel, think, and rethink the skill of the author Dr. Ambedkar of course it is difficult to understand how the remedy of the high exchange rate which the author supported was calculated to achieve the objective. It could only change the base from which to measure prices. Consider the exchange standard from the standpoint of prices to adopt the phraseology of Prof. Fisher the pipe connection between the money reservoir and the silver bullion reservoir to have the rupee in circulation.
The doctoring of the purchasing power parties as an explanation of actual exchange rates of the rupee value was maintained it is because gold prices and rupee prices were equal. So, the author says for the fact that the gold standard reserve was seldom depleted that the general prices inside India were on the same level as those ruling outside India.
In my conclusion that this book was written by the great scholar, Dr. BR Ambedkar for the noble purpose of economic revolution particularly in currency issues addressed and pointed out many exits overcome points. I sincerely urge all the readers to read at least few chapters of this book to understand the practical problem of currency. -
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