Bachelor of Management Studies (B.M.S.) Kautilyas Trading Philosophy Syllabus - Mumbai University
This is the TY BMS syllabus under NEP 2020, in force from the academic year 2026-27, examined under form 2225161. The University still sets the earlier Choice Based papers alongside it — forms 2M00155 and 2M00156, whose documents are below — so check which scheme your exam form names before you revise.
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Syllabus for Kautilyas Trading Philosophy
Module I: Foundations of Kautilyan Economics and Trade
- The Context of Wealth: From Dharma to Dividend: Traditional goal of Artha (material prosperity) to Indian merchant-bankers (like the Jagat Seths), the primacy of the Treasury (Kośa) to Mercantilism as the source of state power.
- The Science of Livelihood: De-industrialization and Vārtā, Definition of Vārtā (Economics/Livelihood), agriculture, cattle-rearing, and trade; their role in state revenues.
- Market Organization: From Paṇyādhyakṣa to Agency Houses: The role of the Paṇyādhyakṣa (Superintendent of Commerce) in managing markets; the structure of urban and regional marketplaces, Agency houses and Bazaar System
- Private vs. State Enterprise: Kautilya's mixed economy model; state monopolies (mines, salt) versus private allowance in agriculture and crafts.
Module II: Price Determination and Market Regulation
- Pricing and Global Demand; Samyak Vyāpāra, Kautilya's awareness of supply, demand, and cost of production in price setting; preventing arbitrary price fixation.
- Profit Regulation: Prescribed maximum allowable profit margins based on risk, Internal Transit Duties.
- Anti-Fraud Measures: Detailed penalties for hoarding, adulteration, and false weights and measures (Standardization was key).
- Monopoly, Gluts, and Cartel Control: Policies to prevent merchants from combining to raise prices; the state's intervention during market gluts (overproduction).
Reference Books
- Boesche, R. (2002). The first great political realist: Kautilya and his Arthashastra. Lexington Books.
- Kautilya. (1992). The Arthashastra (L. N. Rangarajan, Ed. & Trans.). Penguin Books India.
- Rao, V. B., & Dasgupta, A. (2015). State and economic formation in Ancient India: A Kautilyan perspective. Oxford University Press.
- Sihag, B. S. (2014). Kautilya: The true founder of Economics. Vitasta Publishing Pvt. Ltd. Journal Articles & Academic Sources
- Jha, V. N. (Ed.). (2010). Economics in Arthashastra. Centre for Studies in Civilizations.
- Sen, R. K., & Basu, R. L. (2006). Economics in Arthasastra: A comparative study with modern economic theory. Deep & Deep Publications.
- Sihag, B. S. (2009). Kautilya on price determination and profit sharing. Journal of the History of Economic Thought, 31(2), 195–206.
Reproduced from the University of Mumbai syllabus for Bachelor of Management Studies (B.M.S.) under NEP 2020, in force from the academic year 2026-27. Wording is as printed in that syllabus. Module numbering is as printed there too.
The complete syllabus
This subject is cut from the University circular for its year. Open a document here if you want the whole thing rather than a single subject.