Discuss Ambedkar’s critique on monetary economy in colonial India.

After long years of neglect, the ideas of B.R. Ambedkar seem to be gaining currency. While his thoughts on Indian society and politics have garnered more attention, some of his economic ideas too deserve greater attention. Known largely as the father of the Indian Constitution and a leader of Dalits, Ambedkar began his career as an economist, making important contributions to the major economic debates of the day. He was, in fact, among the best educated economists of his generation in India, having earned a doctorate in economics from Columbia University in the US and another from the London School of Economics. Ambedkar’s London doctoral thesis, later published as a book, was on the management of the rupee. At that time, there was a big debate on the relative merits of the gold standard vis-à-vis the gold exchange standard.

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