Maddison is the creator of that oft-quoted table that shows how India’s share in the world economy declined from a massive 24.4% in 1500 to a measly 4.2% in 1950. Look, the refrain goes, how we used to be 25% of the world economy and then the British came and we were reduced to just 4%. In Maddison’s table, India has a 24.4% share of the world economy in 1500 largely because it has 25.1% of the world population in 1500. Putting all these tables together, the picture of India’s economic history appears far more complex and layered than a single snapshot of share in world GDP would suggest. For instance, the British may have reduced inequality between the village economy and the non-village economy compared to the Mughals, but increased inequality within the village economy itself.

Source: Mint August 17, 2017 18:11 UTC