When India Was the Richest Place on Earth audio documentary cover
Chronicles 21 min

When India Was the Richest Place on Earth

How did India go from 27% of global wealth to under 4%? The $44.6 trillion untold story.

At its peak, Mughal India's share of world output matched America's at the height of its power — two centuries earlier. Bengal alone produced more than France. Dhaka muslin was so fine a full-length garment could be folded into a matchbox. Then came the East India Company, the Council Bills, and a system of extraction so legal, so bureaucratic, and so carefully constructed it was nearly invisible. Economist Utsa Patnaik calculated the total at forty-four point six trillion dollars. This is one of the most important economic stories never taught in school.

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