Perła Korony Brytyjskiej. Kolonialny system pieniężny Indii

Abstract

Under British rule the Indian rupee was initially a silver currency, then, since the late XIX century, the subcontinent adopted the gold exchange standard, and finally, in 1931, the currency left gold entirely, following the pound. Indian monetary policy was shaped by the British to support London’s national and international interests. Initially, Indian specie contributed to the strengthening of the British gold standard after the Napoleonic wars. Later, by combining monetary and trade policy, Great Britain used the rupee to support its control over world finances and strengthen the pound’s stability. The latter function became particularly pronounced in in the interwar period. During both the deflation of the 1920s and the Great Depression, monetary policy in India ran counter to India’s interests, but supported the pound. The final form of British domination came during World War Two with the spectacular rise of New Delhi loans to London in the form of sterling balances.