Merchants have not been highly regarded in India’s history. There were periods and geographies like Gujarat and coastal areas where they were. But by and large they were not so well respected in the society. They are often depicted as people who get rich by robbing the poor and this isn’t just true about India. Perhaps people did not understand how if merchants prospered, the society prospered too. What they see is the glitter — the big luxurious house that the Ambani is building. But in the process they don’t realise that people like the Ambanis contribute significantly to the social well being. This is what Adam Smith called the “invisible hands”.
What about the nexus between business and rulers?
That relationship has always been there. Buddhist monks would go to merchants to collect money and merchants would extract their pound of flesh even then. Rulers of Rajput states depended on Marwaris to fight the battles. If kings lost the battle, [the] merchant lost the money. If they won they would get different kinds of favours. Smart merchants did not give too much. Business was always scared of those with political powers. They are still scared.
Have things changed now?
After 1991, for the first time business is acquiring respect in the society. Industrial revolution began in Europe and the US, 200 years back. Their businesses are in second, third generation. And you see the philanthropic side to it with people like Bill Gates now.
Typically, when money has been there for several generations, when children are sent to the best of schools, they become genteel and are no longer hungry for money. It’s a common saying — first generation makes money, second generation wants prestige and power and it is the third generation that wants art, culture, status and aspires for respect. History reveals that money for long makes you comfortable and complacent.