Abstract
ABSTRACTThis study contributes to the literature on the ‘Great Divergence’ by analysing the historical roots of the economic slowdown in Bengal. It offers a critique of existing hypotheses insofar as they fail to account for the experience of Bengal sufficiently. In particular, emphasis on demographic-ecological crisis as an explanation of Asian regions falling behind seems inapt for Bengal. The paper proposes an alternative theoretical framework based on Adam Smith's understanding of pre-modern process of economic development, and especially the role of capital inflows. This alternative is tested against a detailed analysis of monetary and fiscal trends in early modern Bengal.
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