The ‘New Political Economy’ and British Economic Policy for India*

Ralph B. Price

American Journal of Economics and Sociology, 1976, vol. 35, issue 4, 401-414

Abstract: Abstract. James Mill, as a high official of the East India Company, had the opportunity after 1819 to establish economic policy for India. In fact, James Mill's Utilitarian philosophy of government and his advocacy of Ricardian rent theory as the basis for revenue policies in India set the pattern for the development of modern India. Both James and John Stuart Mill (who succeeded his father with the company) defended the company against its critics, such as J. R. McCulloch and Richard Jones, who argued that the revenue policy was inhibiting economic development. Modern Indian institutions are an amalgamation of Benthamism, Fabian Socialism, and Brahminism.

Date: 1976
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