World War I: A Turning Point for the Indian Economy

The centenary celebration of the end of World War I has mostly focused on its political impact, especially the implosion of multinational empires that led to the creation of new ethnic nations in Europe, as well as the communist capture of power in Russia. In India, the return of Punjabi soldiers after the end of the war also galvanized political activity against colonial rule in that province, which became the spark for wider protests. Less attention has been lavished on the economic impact of the conflagration. World War I ended the first era of globalization. It also proved to be a turning point for the Indian economy....