An Analysis of Economic Philosophy and Leadership in Ancient India

Abstract

Economics was a part of social and political thoughts in general for most of history. In the eighteenth century, Adam Smith saw economics as a subset of jurisprudence. However, the seeds of economic analysis were planted long before; in ancient India, societies exercised economic theories and principles during the 3rd century BCE. This paper investigates the economic leadership in ancient India between the 3rd century BCE and the 3rd century C.E. During that era, a philosopher, economist, jurist, and royal advisor named Chanakya authored the ancient Indian political treatise the Arthshastra. He has discussed many economic theories like economic growth, tax, and mixed economy in his book. He is considered the pioneer of political economics in India, and his work is believed to as an essential precursor to classical economics. This paper evaluates the theories of Chanakya by a comparative analysis of political and economic union between the modern-day the European Union and the Mauryan Empire of ancient times.