GIPE-PUNE-OIIOI2 - DSpace@GIPE

01'62 THE BANK CAPITALISM OF. YOUNG BENGAl.
Ant~can ci>rth,,' Italian.and the British coefficients i~'
hardiy ever likely to be covered even with Her~eari.
effort! on ,the part of dozens of Mussolinis.
It is quite
possible therefore that the Italian people should always .
remain in· terms of per capita bank deposit it long time"
say, a generation or so backward in comparison with the
U .S.Ii., and Britain or Germany, and y~ this chronol~gical
backwardness tnay not mean very' much in terms of
econotnic and social as weli as p.>litical and military effi..
ciem:y, pr~atically considered. Italy may 'long con.
tinueto function as a "great power" although her banking.
and general industrial wealth remains all'the time very .
low by the American-British or French-German standard.
, All these considerations will have to weigh heavy
while examining and evaluat~g the economic equations
of Bengal (and other pa~ of India) as wen as the Balkan
cOmplex, Russia and other countries where the standard
of living is known to be low, and where wages, prices
and other econotnic categories move on modest monetary
'Scales. The equations of comparative industrialism or
capitalism must not be invariably treated as identical with
the equations of economic or other ... efficiency. .. It is sub..
ject to the limitations of this fundamental distinction between
econotnic equations and efficiency-equations that
comparative ,studies ~ll always have to be carried on in
applied :econ~tnics,::"'no matter whether the subject of
discusSion be railway, insurance orhanking.
'The BGn~ GAd M8dem Economy in InJia
The banking-equations. eSpecially those hearing, on
chtonOlagical distance. possess a dynamic signilicance
-with reference to the problems of economicatatesmanship.