The gold-exchange standard in colonial India: foreshadowing the monetary hierarchy of the international state-credit standard

This paper investigates how the concrete operation of the gold-exchange standard in colonial India imposed a process of financial subordination embedding colonial India in the currency hierarchy of British sterling. This system was instrumental in entrenching a core-periphery asymmetry that undergir...

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Bibliographic Details
Published in:Review of international political economy : RIPE Vol. 31; no. 5; pp. 1496 - 1519
Main Author: Vasudevan, Ramaa
Format: Journal Article
Language:English
Published: London Routledge 02.09.2024
Taylor & Francis LLC
Subjects:
Accumulation
Bills of exchange
Center and periphery
colonial India
Colonialism
Developing countries
financial subordination
Gold
Gold-Exchange standard
Hegemony
Hierarchies
LDCs
Money
Subordination
ISSN:0969-2290, 1466-4526
Online Access:Get full text
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Summary:This paper investigates how the concrete operation of the gold-exchange standard in colonial India imposed a process of financial subordination embedding colonial India in the currency hierarchy of British sterling. This system was instrumental in entrenching a core-periphery asymmetry that undergirded Britain's financial supremacy, providing elasticity to the sterling funding mechanisms of international money-markets by mobilizing the reserves of colonial India through the council bill mechanism and the placement of reserves in London. Its workings foreshadow the role of reserve accumulation in the financial subordination of developing countries in the context of the dollar hegemony in an international monetary hierarchy delinked from gold and enforced without colonial rule.
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ISSN:0969-2290
1466-4526
DOI:10.1080/09692290.2024.2330430