Economic History of the Mughal Empire

In this episode, we explore the economic history of the Mughal Empire, highlighting how it emerged as one of the most prosperous economies of the early modern world, at times surpassing the financial output of contemporary Europe and Qing China. We examine the empire’s sophisticated agricultural reforms and standardized silver currency, which supported a vast export-driven market centered on luxury goods. Special attention is given to Bengal Subah, the wealthiest province, whose thriving textile production and advanced shipbuilding industries positioned it at the heart of international trade. We also discuss the empire’s extensive road networks, the operation of the world’s only active diamond mines during the 17th century, and the broader process of proto-industrialization that elevated living standards across much of the population. Ultimately, we consider how the Mughal Empire’s high industrial productivity and commercial integration made India a cornerstone of the early modern global economy.