Mediaeval India's monarch, Alauddin Khilji, used market policies to boost the economy and cement his grip on power. The introduction of governmental monopolies on essential commodities was a fundamental strategy that contributed to a centralised market control regime. In this way, the government was able to control the supply of necessities and discourage hoarding by regulating production, distribution, and price. In addition to safeguarding customers and maintaining price stability, pricing restrictions were enacted. Khilji set up an intelligence system to spy on trade, sniff out criminal activity, and collect data. He advocated for the strengthening of the economy via home commerce, domestic industry, and self-sufficiency. However, these measures were not without their costs, as they contributed to a slowing economy, raised the prospect of corruption, and stunted the expansion prospects for business owners. Khilji intervened in the market to raise funds for military expeditions, consolidate authority, and keep the peace. Although they helped to maintain peace for the time being, worries have been raised about how they may affect long-term economic development and stability. The limits on individual initiative and creative problem solving, as well as the long-term viability of the centralised economic model, are hotly contested. Khilji's actions affected wealth concentration, social mobility, and the merchant class, reducing prospects for those outside of the governing elite. When compared to other rulers of the period like Sher Shah Suri and Akbar, the variety of methods to economic administration in Mediaeval India becomes clear. The economic climate and its effects on society may be better understood if we have a firm grasp of Khilji's approach to the market.
Published: 30 SEP2023
Issue: Jul-Sep(2023)
Section: Articles
Metrics: 210 116
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