Ancient Economic Thought: Chanakya
Ancient economic thought - Chanakya
Abstract:
Chanakya (350–283 BCE) also known as Kautilya or Vishnugupta was the advisor to the Maurya Emperor Chandragupta and was the chief designer of the rise of power. The father of economics Adam Smith is regarded as the founder of economics and his famous book “The Wealth of Nations". Economics as always been regarded as a western subject even scholars have always looked up to the western world for economic thoughts and ideas. The Indian ancient treasure relating to the subject economics was untouched until the handwritten manuscript of Arthashastra was discovered after about two thousand years in 1902 of its formulation. Arthashastra literal meaning is Rule of Money or Economics. As the saying goes
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He encouraged mining, managing livestock, afforestation, maintenance of recreational forest etc. Irrigation to be maximised for proper growth and stability. With that the state should provide marketing system for the agricultural produce. All natural resources like forest land, mineral, underground water, wild animals, fish etc are the property of the state. He was aware of the concept that future productivity of mankind is only possible with the judicious use of available natural resources. In present day economic term we call it as 'sustainable …show more content…
Though king was the supreme head of the state and was monopolistic, Chanakya suggested and encouraged cooperation between the private sector and state. Because the private sector would act like a backbone to the state during any emergency.
Kautilya favoured free enterprise economy, where government should not intervene in the price policy; prices should be determined by the free play of demand and supply of goods and services. There are few areas where state need to intervene in the economic life, they are the superintendent of slaughterhouse, the superintendent of prostitutes, the superintendent of ships, the superintendent of passports and the office of the city superintendent. His state resembles the modern state which facilitates on the functioning of the market forces for the sake of common good.
He has the idea of the modern day concept of passport- document that facilitates the movement of people. This is the first instance where the concept of movement of people across border was
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