Hi all,
While searching for evidence if there were structured members based economic institutions in the history, I came across this article on Guilds in Indian history. http://www.infinityfoundation.com/mandala/h_es/h_es_shah_m_sreni_frameset.htm
Thought, you may enjoy reading about them. Might be interesting to find out if similar institutional forms existed in other ancient cultures in China, Turkey/ Greece, middle east?
Best,
Anuj
Sreni (Guilds): a Unique Social Innovation of Ancient India
By Manikant Shah & D.P. Agrawal
(Excerpts)
The Gautama Dharmasutra (c. 5th century BC) states that "cultivators, traders, herdsmen, moneylenders, and artisans have authority to lay down rules for their respective classes and the king was to consult their representatives while dealing with matters relating to them."
Functions of the Guilds: Besides serving the purpose of keeping the members of a trade together like a close community, the Guilds undertook many useful roles such as administrative, economic, charitable and banking functions. Thaplyal reports that the powerful Guilds performed judicial functions as well. The guilds had a good deal of administrative control over their members. Looking after the interests of their members making things convenient for them was their prime concern. The trained workers of the guilds provided a congenial atmosphere for work. They procured raw materials for manufacturing, controlled quality of manufactured goods and their price, and located markets for their sale. Although the Arthasastra does not contain any reference to guilds loaning money to the general public, yet there are references suggesting that the king's spies borrowed from guilds on the pretext of procuring various types of merchandize. This shows that guilds loaned money to artisans and merchants as well. Guilds established their efficiency and integrity, and epigraphic evidence shows that not only the general public, even the royalty deposited money with them. However, the guilds had limited scope in banking in comparison to modern banks.
Thaplyal refers to a few epigraphs here. A Mathura Inscription (2nd century AD) refers to the two permanent endowments of 550 silver coins each with two guilds to feed Brahmins and the poor from out of the interest money. Of the two Nasik Inscriptions (2nd century AD) one records the endowment of 2000 karshapanas at the rate of one percent (per month) with a weavers' guild for providing cloth to bhikshus (monks) and 1000 karshapanas at the rate of 0.75 percent (per month) with another weavers' guild for serving light meals to them. Apart from these more epigraphs and inscriptions are mentioned as evidence in this regard. In addition to this the guilds engaged in works of Charity as well. Guilds worked to alleviate distress and undertook works of piety and charity as a matter of duty. They were expected to use part of their profits for preservation and maintenance of assembly halls, watersheds, shrines, tanks and gardens, as also for helping widows, the poor and destitute.
Anuj K. Jain
Sr. Coady Fellow| Microfinance and Development| COADY International Institute
St. Francis Xavier University, Antigonish, Nova Scotia, B2G 2W5| Ph: 902-872-0521
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