Write a short note on Subordination of the native capital under the British.

The subordination of native capital under British colonial rule was a key feature of the economic dynamics in colonial India. The British implemented economic policies that aimed at establishing and maintaining control over Indian capital, ensuring that economic power remained concentrated in British hands. This subordination had far-reaching implications for the indigenous economic landscape and contributed to the perpetuation of economic dependency.

One significant aspect of the subordination was the dominance of British industrial and commercial interests over Indian enterprises. British colonial policies favored the interests of the British industrial class, and the colonial administration often acted to protect and promote British economic ventures at the expense of indigenous capital. British merchants and industrialists enjoyed preferential treatment in terms of trade, finance, and access to resources, stifling the growth of native businesses.

The establishment of the British East India Company in the 17th century furthered this subordination. The company's monopoly over trade and its control of key economic sectors allowed it to accumulate significant economic power. This power was wielded to favor British-owned industries and hinder the growth of indigenous enterprises, ensuring that capital accumulation remained in British hands.

The imposition of high tariffs, discriminatory trade policies, and the manipulation of currency systems were among the strategies employed to subordinate native capital. These policies not only hampered the development of Indian industries but also led to the deindustrialization of certain regions as traditional handicrafts and manufacturing suffered under British economic dominance.

The financial system was another arena where native capital faced subordination. The establishment of British-controlled banks and financial institutions allowed the British to control credit and capital flows, limiting the opportunities for indigenous entrepreneurs to access resources for investment and growth.

The subordination of native capital was not solely an economic phenomenon but also had social and political ramifications. The economic dominance of the British elite translated into political power, further marginalizing Indian business interests in decision-making processes.

In summary, the subordination of native capital under British colonial rule was a deliberate and systematic effort to consolidate economic power in British hands. Through discriminatory economic policies and institutional structures, the British ensured the dominance of their industries and commerce, hindering the growth of indigenous businesses and contributing to the economic dependency of colonial India. This economic subordination played a pivotal role in shaping the uneven economic development and power dynamics during the colonial period.