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Investment in Empire by Daniel Thorner | Tooba E Library

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Investment in Empire

British Railway and Steam Shipping Enterprise in India 1825-1849

By Daniel Thorner

Submitted in partial fulfillment of the requirements for the Degree of Doctor of Philosophy, in the Faculty of Political Science, Columbia University

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Investment in Empire by Daniel Thorner book cover

Cover of Investment in Empire

About the Book

Investment in Empire: British Railway and Steam Shipping Enterprise in India, 1825-1849 is a seminal work of economic history by Daniel Thorner, originally submitted as his doctoral dissertation at Columbia University in 1950. Published by the University of Pennsylvania Press, this meticulously researched study examines the process by which steamship and railway lines for India were launched, a development that involved a large-scale investment of British capital in the subcontinent.

The book focuses on the crucial period between 1825 and 1849, a time when British merchants and manufacturers sought to transform India from a mere supplier of raw materials into a profitable market for British goods. Thorner meticulously traces the campaigns of railway promoters in the 1840s to gain the backing of the British Government and the East India Company, drawing striking parallels with the earlier efforts to subsidize steam navigation between Britain and India.

At the heart of this study lies the struggle to secure the terms under which British capital would move to India. Thorner explores how private enterprise sought to operate at public risk, a dynamic that would shape the economic relationship between Britain and India for decades to come. The book examines the rise of the Peninsular and Oriental Steam Navigation Company (the P. & O.), the pivotal role of figures like R. M. Stephenson, the rivalry between the East Indian Railway (EIR) and the Great Indian Peninsula Railway (GIP), and the intense political battle for government guarantees in 1846-49.

This work remains essential reading for historians of British imperialism, economic historians, and anyone interested in understanding the foundational role of railway investment in colonial India. Thorner's analysis of the interplay between private capital and public policy offers enduring insights into the mechanics of colonial economic development.

"The subject of this work is the process by which steamship and railway lines for India were launched. These undertakings, particularly the railways, involved a large-scale investment of British capital in India. The terms under which this capital moved, and, more precisely, the struggle to secure these terms, form the heart of this study." — From the Publisher

About the Author

Daniel Thorner (1915–1974) was an American economist and historian known for his work on agricultural economics and Indian economic history. He taught economic history in the Economics Department and in the South Asia Regional Studies Department at the University of Pennsylvania. Thorner was known for the application of historical and contemporary economic analysis on policy, and he influenced agricultural policy in India in the 1950s through his association with the Planning Commission. He was educated at New York City College and pursued studies of history at Columbia University. Along with his wife Alice Thorner, he made significant contributions to the understanding of South Asian economy and society.

Book Details

Title Details
Book NameInvestment in Empire: British Railway and Steam Shipping Enterprise in India, 1825-1849
AuthorDaniel Thorner
PublisherUniversity of Pennsylvania Press, Philadelphia
Year of Publication1950
Pages220
File Size9 MB
LanguageEnglish
SubjectEconomic History, British India, Railway History
NoteOriginally submitted as a PhD dissertation, Columbia University

Table of Contents

  • 1. The Setting in Britain and in India
  • 2. Steam Navigation to India: Rise of the P. & O.
  • 3. From Steam Navigation to Steam Railways: R. M. Stephenson
  • 4. The E.I.R. and Its Rivals in the Ganges Valley
  • 5. The G.I.P. in the Bombay Deccan
  • 6. The Struggle for the Guarantee, 1846-49
  • 7. Private Enterprise at Public Risk
  • Selected Bibliography

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