Informal finance and rural finance policy in India: historical and contemporary perspectives

From the 1950s up to the early 1990s the All-India data show an ever-declining share of informal credit in the total outstanding debt of rural households. Contemporaneous micro-level studies, using more qualitative research methodologies, provide evidence that questions the strength of this trend, and more recent All-India credit surveys show, first, a levelling, and then a rise, in the share of rural informal credit in 1990/91 and 2000/01, respectively. By reference to findings of a study of village moneylenders in Rajasthan, the paper notes lessons to be drawn. First, informal financial agents have not disappeared from the rural financial landscape in India. Second, formal-sector financial institutions can learn much about rural financial service needs from the financial products and processes of their informal counterparts. Third, a national survey of informal agents, similar to that of the 1921 Census survey of indigenous bankers and moneylenders, would provide valuable pointers towards policy options for the sector. A recent Reserve Bank of India Report on Moneylender Legislation not only explores incentive mechanisms to better ensure fair practice, but also proposes provision for a new category of loan providers that would explicitly link the rural informal and formal financial sectors.

Scales and voices in World Historical Archaeology

This paper briefly sets the scene for the articles that follow, introducing some key debates that have characterized the recent practice of historical archaeology. The definition of historical archaeology is explored according to parameters of chronology and methodology, drawing a distinction between New World traditions that define the subject as 'post-Columbian' and Old World approaches that establish broader connections with the 'documentary archaeology' of all literate societies. Current issues in European and American historical archaeology are highlighted, including the gradual breakdown of the medieval/post-medieval divide and the call for a global 'modern-world archaeology' to address the 'grand historical narratives' of the period, such as capitalism, economic improvement, and consumerism. The resistance to this global research agenda is explored with reference to archaeologies of diaspora and postcolonialism, which demand local perspectives to explore diversity and meaning. Finally, the innovative use of community archaeology and multi-vocality is introduced, with particular reference to the experimental narratives pursued by American historical archaeologists, in their new role as 'storytellers'.

Introduction: scales and voices in world historical archaeology

This paper briefly sets the scene for the articles that follow, introducing some key debates that have characterized the recent practice of historical archaeology. The definition of historical archaeology is explored according to parameters of chronology and methodology, drawing a distinction between New World traditions that define the subject as 'post-Columbian' and Old World approaches that establish broader connections with the 'documentary archaeology' of all literate societies. Current issues in European and American historical archaeology are highlighted, including the gradual breakdown of the medieval/post-medieval divide and the call for a global 'modern-world archaeology' to address the 'grand historical narratives' of the period, such as capitalism, economic improvement, and consumerism. The resistance to this global research agenda is explored with reference to archaeologies of diaspora and postcolonialism, which demand local perspectives to explore diversity and meaning. Finally, the innovative use of community archaeology and multi-vocality is introduced, with particular reference to the experimental narratives pursued by American historical archaeologists, in their new role as 'storytellers'.

Entrepreneurial failure and economic crisis: an historical perspective

This chapter analyses the major UK economic crises that have occurred since the speculative bubbles of the seventeenth century. It integrates insights from economic history and business history to analyse both the general economic conditions and the specific business and financial practices that led to these crises. The analysis suggests a significant reinterpretation of the evidence – one that questions economists’ conventional views.