addddddddeafvvvvvvvvvvvvvfssssssssssssxxxxxx

adwads

1. UNIT I Indian Business (Pre-Independence Era)

2. What is History? History comprises of various bodies of knowledge about the past produced by historians, together with everything that is involved in the production, communication of, and teaching about knowledge. History follows a periodicity concept. Every component in history can be assigned a starting point and an endpoint. How further in the past is history? Everything in the moment is present, and every moment that has passed is history

3. What is Evolution? Scientifically speaking, evolution is the process by which different kinds of a living organism are believed to have developed from earlier forms during the history of the earth. While history is the body of knowledge concerning past events, evolution is the events in history that snowballed (small snowflakes coming together to make a bigger snowball) to enable us to identify a significant change . All these changes make any business more resilient to adversities, technically sound and provide them with clarity in future.

4. Why is the study of History important? It is a way of searching for patterns and trying to see if such patterns recur from one situation to another. It helps us think about the parameters of what’s possible, what the boundaries of likely action or possible success are. It is a search for a pattern. The other side of the coin is to be able to recognize that some things really are different from anything that came before. In the 1850s, for example, when railroads became important, you simply could not run a railroad the way you managed anything that came before. Anybody that tried to do it that way quickly found that the effort wasn’t worth it.

5. It helps us go back to the thought process itself in order to come up with the appropriate solutions because each case took place in a different historical and cultural context, in a different environment.

6. Barter System and the origins of currency The history of bartering dates all the way back to 6000 BC. Introduced by Mesopotamia tribes, bartering was adopted by Phoenicians. Phoenicians ( Phoenicians were a people who occupied the coast of the Levant (eastern Mediterranean.Their major cities were Tyre, Sidon, Byblos, and Arwad .) bartered goods to those located in various other cities across oceans. Babylonian's also developed an improved bartering system. Goods were exchanged for food, tea, weapons, and spices. At times, human skulls were used as well. Salt was another popular item exchanged. Salt was so valuable that Roman soldiers' salaries were paid with it. In the Middle Ages, Europeans travelled around the globe to barter crafts and furs in exchange for silks and perfumes. Colonial Americans exchanged musket balls, deer skins, and wheat.

7. Disadvantages of the barter system: ( i ) Lack of double coincidence of wants It was a major drawback of the barter system. It was very rare when the owner of some goods or services could find someone who wanted his goods or services and possessed that goods or services that the first person wanted. No exchange was possible if the double coincidence of wants was not there. (ii) Lack of common measure of value In a barter system, there was an absence of a common unit of measurement in which the value of goods and services can be measured. In the absence of a common unit, the proper valuation was not possible.

8. (iii) Lack of standard for deferred payments Deferred payment means future payments. In the barter system, it was difficult to return value in future in terms of goods of the same quantity and quality. Therefore, future, payments regarding interest and loans became difficult. (iv) Lack of store of value Due to the absence of money in the barter system, wealth was stored in terms of goods. Storing of goods carried some problems like cost of storage, loss of value, transfer from one place to other, etc. So, in the case of commodities, it was difficult for people to store their purchasing power. (v) Lack of divisibility In commodity exchange, the difficulty of dividing the commodity has arisen. e.g. if a car is to be exchanged for a scooter, then the car cannot be divided. Similarly, animals cannot be divided into smaller units.

9. All the challenges caused by a globalised economy facilitated by advanced transport and communication then adopted to a common ground of the system of currency. A currency system helps assign value to a product. Different currencies can be pegged to a common currency (Dollar is the world standard). All currencies are compared to the US Dollar and thereby a direct comparison with other currencies is also facilitated.

10. What is Business? Simply put, it is the activity of staying busy for monetarily gainful returns. A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. The term "business" also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit. Businesses range in scale from a sole proprietorship to an international corporation. Several lines of the theory are engaged with understanding business administration including organizational behaviour, organization theory, and strategic management.

11. Role of East India Company Story of the East India Company In December 1599, during the reign of Queen Elizabeth I, a private trading corporation, headquartered in a small London office, received a royal charter granting it a monopoly over all trading activities with the East. The trading corporation, which would become the East India Company, evolved true to character. In February 1601, it sent a fleet with a cargo of woollen cloth and metal wares to the pepper islands of Indonesia. On landing, the English found the inhabitants of the tropical islands completely uninterested in bartering their spices for woollen cloth.

12. The arrival of the British East India Company in India In 1605, Emperor Akbar’s eldest son Muhammad Saleem ascended the throne as Emperor Jahangir — the empire’s dominion stretched from Qandahar (now in Afghanistan) on the northwest of India to Bengal on the south-east point and its revenue was nearly 50,000,000 sterling per annum. This was when England’s own coffers were empty after constant wars. Much to the dismay of the English, the Portuguese had long and strong trading relations with India. To get a slice of this trade, England sent many missions through East India Company to the Mughal court.

13. One of the key players in this advent was Sir Thomas Roe who had assisted the company on their previous expeditions. Roe struggled for years to win over princes and nobles. One of his key achievements is how, judging Jahangir’s leanings, he reasoned with him using the language of justice and fair play. In 1621, owing to Shah Jahan’s relations with the British ambassadors, the Company received special privileges only on a simple condition that only a limited number of company employees shall be allowed to carry arms.