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This wide-ranging and illuminating book links the history of business in India to broader global and national trends across three centuries. Tirthankar Roy, a distinguished economic historian, compellingly synthesizes a vast body of primary data, secondary sources, and scholarship that is “usually narrative, biographical, and regional” (2). He contends that the development of capitalism in India is best understood through the lens of powerful constraints imposed by scarce capital and knowledge, and the forces, principally integration with the world economy and state intervention, that enabled businesses to surmount these obstacles.