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On India, China and Rest of India - Part III

In the last post, we saw how Holland came to represent the resurgent Europe with its abundant surplus which was invested in trading companies. while this was happening,lets take a look at India around the same period. while India was known as the treasure land and the land of the riches, the truth, you will be surprised to learn, is far from it. For India was dirt poor , with a few rich people , mainly the nobles, merchants and the kings who owned a majority of its wealth. The vast majority were mostly on subsistence level work. Most of the people were either small farmers or farm laborers. Indebtedness was rampant. People took money from money lenders at rocket high interest rates. Unfortunately, this suited the kings who for all intents and purposes were financed by the same money lenders. Today, we talk about eighty percent of the world's money is with the top 5 percent of people and how this is unfair. As bad as this sounds, there is a silver line here. For, there was not a s…