Sudipta, a dear friend in the Silicon Valley, asked me to comment on a March 2013 article titled “Orphaned currency, the odd case of Somali shillings.” The piece is about how the Somali shilling continued to circulate even after the Somali central bank was literally destroyed in the civil war around 1991. The bank notes were “orphaned.”
When Somalia collapsed into civil war in January 1991, the doors of the Central Bank of Somalia were blown apart, its safes were blasted, and all cash and valuables were looted.* But something odd happened—Somali shilling banknotes continued to circulate among Somalians. To this day orphaned paper shillings are used in small transactions, despite the absence of any sort of central monetary authority.
I will leave you to read up that article before continuing here. Continue reading
I normally don’t do numbers. But in this post, I will have to refer to numbers because wealth and poverty have to be understood quantitatively too. So let’s do the numbers.
“It was [in India] the British learned the art of imperial power. … India was decisive. It gave Britain the resources, the market, the manpower, and the prestige to build a world-wide empire. And in the years to come they worked feverishly to secure that prize.” 
Of the three major sectors of any economy, agriculture is the primary sector. It is prior in time and naturally enough forms the basis for the other two sectors — manufacturing and services. Without a solid foundation provided by an efficient agricultural sector, no society can prosper.