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Synopsis This book is a study of the pre-colonial and transitional phase of India's monetary and commercial history, with special reference to Bengal, and brings into focus the changes that were brought about by the colonial rule. It emphasises that there were considerable elements of conflict in the process of transition, along with significant discontinuities and breaks. One of the important aspect of this transition, the author argues, is the disappearance of the humble currency media and the eclipse of the autonomy of the rural economy, reasons for which need to be carefully examined. In this way, the study brings to light some hitherto neglected aspects of the monetary and commercial transition in India. In this work, the author has combined his study of history with his command of the tools of economic theory.