6.5 Economic Growth

Economic Growth

2020-04-27 11:46:03

Economy, Emergence of Coins during Mahajana

Coins and Trade

  • Various kinds of traders: shopkeepers (apanika), retailers (KrayaVikrayika) and money investors (Setthi-Gahapati)
  • Coins came into use in this period for the first time in ancient India, were punchmarked coins.
  • Coins promoted organised commerce, they bear various kinds of symbols on one side and were issued by merchants led to the rise of money lending class.
  • The coin of highest value was the silver satamana. This was followed by the Karsapana. The copper masas and kakani were coins of smaller denomination

  • Gautama Dharmasutra refers to increased corporatisation. Terms in Buddhist texts viz Vinaya Pitaka such as shreni, nigama, puga, vrata etc show the emergence of guilds.
  • Pali texts contain the first reference to coins words such as Kahapana, Nikkha, kamsa, pada, masaka and Kakanika.
  • Punch marked coins most of them silver were discovered → qualitative change in economic transactions and long term implication for trade.
  • Gahapati and Setthi emerged as new social elites during this period.

Buddhist Texts Mention Various Occupations during the time :

  • Various other professions were vehicle maker, ivory worker, metal smith, gold smith, silk weaver etc
Occupation Name
Soldiers Yodhajivas
Minister Mahamachchas
Governors Rathikas
Royal Chamberlain Thapati
Policemen Rajabhata
Jailors Bhadhanagarikas
Physician Vejja, Bhisakka
Accounting Ganana
Actor Nata

PYQs

  1. Write a short essay on: "Social and economic conditions of North India during the PreMauryan period (600-325 B.C.)." [1996, 20m]
  1. How far is it correct to say that changes in the post-Vedic economy gave birth to new religious movements in India? [2015, 15m]