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Robert Bracey (British Museum), "Money Supply, Quantity Theory, & Feudalism in Sixth Century India" (part 2)

The feudalism hypothesis first proposed by G B Sharma in connection with copper plate charters has enjoyed considerable prominence in the historiography of South Asia. Sharma argued that in the mid to late first millennium AD a pan-Indian shift took place, with monetised urban market economies being displaced by redistributive activities that tied people to the land. He structured his account of this in terms of Marxist models of the feudal stage of development. Centrally important to this, and counter-arguments, are assumptions about the availability of money. Sharma has argued that their was a paucity of metallic coinage, and critics (particular Shailendra Bhandare) have argued there was not. While Sharma's methodology has been shown to be unsound that is not the same as demonstrating that his conclusion is wrong. This presentation will focus on the period between the death of Buddhagupta (c. AD 500) and the accession of Harsha (c. AD 600) which is widely assumed to be a period when metallic currency was in particularly short supply, due to political instability. It will explore what we know, and do not know, about coinage in that period, how coinage relates to money supply, and the applicability of modern economic theory - particularly issues around velocity, the aggregate quantity of transactions, price indexes, and the limitations/capability of our sources in addressing these issues.

Held 12 December 2017 at SOAS, University of London, as part of the European Research Council grant Beyond Boundaries: Religion, Region, Language and the State in Asia.

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