East Asian monetary systems were traditionally based on commodity monies, the most famous of which were round copper coins (Cash) with a square central hole, and silver ingots (Tael, from around 1000
The origin of British India can be traced to warfare in 18th-century Europe and India, trade-related conflicts and disputes, and the East India Company’s business model. The state that emerged from these roots survived by reforming the institutions of capitalism, military strategy, and political strategy. As the 19th century unfolded and its power became paramount, the Company evolved from a trading firm to a protector of trade. The rapid growth of the three port cities where Indo-European trade and naval power was concentrated exemplifies that commitment. But beyond maintaining an army and protecting trade routes, the state remained limited in its reach.
When the Mongol Empire expanded across Eurasia in the 13th century, it not only established a new political order but also unified the trade networks that spread across northern Eurasia, connecting China, Central Asia, the Middle East, and the East Slavs in Eastern Europe within one system. The collapse of Mongol rule and the rise of new states and dynasties, including the Ottoman Empire, Muscovite Russia, and Qing China, adjusted trade routes throughout Eurasia, but the commercial networks remained robust until the modern era. Historians have debated whether there was a notable “decline” of the overland caravan trade along the historic “Silk Roads” in the 18th century, as European maritime traders in Asia carried many of the goods that had traveled across Eurasia. The perception of a decline, however, is challenged by the robust intra-Eurasia trade among Russia, Central Asia, India, and China throughout the 19th century. This dynamic region was influenced by the maintenance and expansion of regional networks across Eurasia, the consequences of the involvement of state interests, and increasing economic regulations in the early modern period, and the variety of commodities exchanged east and west, which were far more than just a silk trade.