Pursuing Profit: An Insight into the Notion, Ethics and Practices of a Trader as Depicted in the Ardhakathanaka

Abstract

It is a general belief that when a person undertakes any business enterprise, he calculates profit as his ultimate aim. Profit is defined as the monetary gain made by a person by selling something for more than it costs him. As per the norms of the economic concept of medieval Europe, moral scruples such as greed and avarice were associated with the notion of profit. This in turn acted as a hindrance to pursue profit while undertaking the profession of business. In the sixteenth century, due to Calvinism, the life of business was given a new sanctity. In the context of India, we can anchor the fact that the calculation of profit was an integral aspect of the existence of the community of bania. This can be established with the help of a study of the Ardhakathanaka—an autobiographical memoir. It was written by Banarasidas in A.D. 1641 ( V.S. 1698) when he was living at Agra. Banarasidas was a middle-class Jain merchant. While understanding the notion of profit, the present article looks into the aspect of whether religion acts as a restraint or promotes business as a profession. It enables us to seek an insight into the mercantile world of the early sixteenth and late seventeenth centuries. This was also the time when the Mughal Empire was in its heyday. The Ardhakathanaka is an invaluable contemporary source; hence, it has great historical value. Profit being an integral aspect of mercantile life, this feature is explicitly highlighted in the Ardhakathanaka. We get to know about the motives and methods employed by the bania community to earn profit. Despite providing immense, crucial information associated with mercantile life, historians have not highlighted this aspect of the Ardhakathanaka. The article is an attempt to draw the gaze of historians to a primary source providing vital first-hand information regarding the motives and methods in the pursuit of profit during the medieval period.