Indian Knowledge System for Commerce

                                            Indian Knowledge System for Commerce

The Indian Knowledge System (IKS) has a rich tradition in various fields, including commerce. The historical evolution of commerce in India is deeply intertwined with ancient texts, practices, and philosophies that guided trade, business ethics, and economic principles. Here are some key aspects of the Indian Knowledge System in relation to commerce:

1. Arthashastra (Kautilya's Arthashastra)

• One of the most influential ancient texts on economics and statecraft, attributed to Kautilya (Chanakya). It focuses on the administration of the economy, trade policies, taxation, and governance.
• The Arthashastra gives detailed guidance on the management of resources, including commerce, trade, finance, and economics. It also deals with laws governing businesses, market ethics, and fair trade practices.
• It emphasizes the importance of ethical conduct in commerce and trade, the role of a strong administrative system to regulate business activities, and the concept of fair market competition.

2. Sage Patanjali's Contribution (Vyakarana and Trade)

• The Sanskrit language and its study (Vyakarana) by Patanjali helped in the development of precise communication and standardization of trade terminology. This was vital for merchants engaging in cross-cultural trade, especially in the context of India’s ancient trade routes, including the Silk Road.
• The clarity and precision of the language allowed better contract formulation, the development of legal documents for trade agreements, and smoother commerce transactions across regions.

3. The Role of Ancient Trade Guilds (Shrenis)

• In ancient India, commerce was often managed by guilds called Shrenis. These were associations of traders and artisans who not only managed trade but also set standards for quality, prices, and ethical practices.
• Shrenis played an important role in regulating trade practices, resolving disputes, and maintaining ethical standards in business. They acted as self-regulatory bodies, contributing to a sense of community and ethical trade.

4. The Concept of "Dharma" in Business

• The principle of Dharma in Hindu philosophy emphasizes ethics, duty, and righteousness. This principle extends to commerce, where business transactions were expected to align with moral values.
• Ancient Indian commerce was often guided by the belief that wealth creation should occur without causing harm to others, focusing on balance and fairness in transactions. This is reflected in the ethical standards that guided trade and business practices.

5. Vedic and Post-Vedic Texts on Trade and Economy

• Vedic texts like the Rigveda and Atharvaveda mention trade, commerce, and wealth as important aspects of society. The Vedic period laid down the foundation for understanding value creation, exchange systems, and the importance of wealth in sustaining society.
• Later texts, like the Manusmriti, also offered guidelines for business, ethics, and social conduct in commercial activities, emphasizing honesty in trade and proper distribution of wealth.

6. Medieval Indian Commerce

• During medieval times, the Mughal Empire greatly encouraged trade through well-established commercial practices, creating a structured system for dealing with commerce. The empire promoted trade through a standard currency, a tax system, and well-established market regulations.
• Indian merchants participated in large-scale trade, both domestic and international, involving spices, textiles, gems, and other goods. The knowledge system also involved understanding global trade routes and strategies for international commerce.

7. The Role of Sanskrit Texts in Commercial Knowledge

• Sanskrit texts were the medium through which much of the early Indian knowledge was passed down, including knowledge related to commerce and trade. Ancient texts contain references to accounting practices, contract law, and market regulations.
• For example, Sutra texts provided frameworks for accounting, measurement, and economic calculations. These texts helped businesspersons with mathematical and logistical aspects of trade and commerce.

8. Economics in Buddhist and Jain Philosophy

• Both Buddhist and Jain philosophies contributed to the Indian knowledge system’s understanding of commerce. They emphasized principles of non-violence, honesty, and compassion in trade.
• Jain merchants, in particular, were known for their ethical business practices and their contributions to financial systems, including banking and accounting. Jainism promoted the idea of fairness, non-exploitation, and social responsibility, which deeply influenced commercial practices.

9. Indian Mathematics and its Role in Commerce

• The mathematical knowledge developed in India, especially during the Vedic and classical periods, played a significant role in the development of commerce. Indian mathematicians, including Aryabhata, Brahmagupta, and Bhaskara, contributed to the development of arithmetic, algebra, and geometry, which were essential for commerce and trade.
• The use of zero, decimal system, and mathematical operations helped in accounting, measurements, and financial transactions.

10. Modern Implications of Indian Knowledge System in Commerce

• Today, there is an increasing interest in reviving and integrating traditional knowledge systems, including those from the Indian Knowledge System, into contemporary business and commerce. The principles of sustainability, ethics, and fair trade from ancient Indian practices are highly relevant in modern commerce, especially in areas like ethical business, corporate social responsibility (CSR), and sustainability.
• Concepts of holistic management, value creation, and community-based business practices can be seen as derived from ancient traditions and are being rediscovered in the context of modern commerce.

 

Conclusion

The Indian Knowledge System in commerce is not limited to one particular text or practice but is deeply embedded in the cultural, ethical, and philosophical fabric of India. From ancient economic theories to trade regulations, from guild-based systems to modern business ethics, the Indian approach to commerce has been diverse and profoundly intertwined with values of fairness, sustainability, and ethical conduct. By integrating these traditional values with modern business practices, there is great potential to create a more holistic and ethical approach to global commerce today.

 

R.Vishal Karthik

L.Raguraman

III B.Com