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STUDIES IN THE BHAGAWATI SUTRA
[Ch. V
that city which enjoyed the privilege of self-autonomy in economic affairs.
So it is presumable from the mention of Vanijyagrāma,1 'Negama' (trade-guild) of the eight thousand merchants of Hastinapura under the guild-president, Karttikadatta, and 'Padhama Satthavaha" that there were some economic organizations based on trade rules and regulations, recognized and sanctioned by the state to carry on both the internal and external trade and commerce.
It was perhaps through the first merchant or the guildpresident and the guild, the king executed the trade and industrial policies of the government.
It was probably for this reason, the first merchant was assigned an important position among the high dignitaries of the state and was considered as a wealthy favourite in the royal court.
FOURTH SECTION Trade and Commerce
Along with the agriculture, arts and crafts and industries, trade and commerce play a vital role in the economic life of the people, the society and the state for the promotion of their respective material prosperities by causing the flow of various kinds of marchandise to every part of the country and to the foreign land. Thus they help the distribution of the necessary commodities of civic life among the people according to their needs based on the laws of supply and demand.
The BhS gives a good account of various kinds of trade and commerce carried on by the different classes of merchants on their private enterprise during its period.
1 Bhs, 11, 11, 424.
2 Ib, 9, 33, 385; 11, 9, 417; 13, 6, 491.
3 Ib, 7, 9, 300; 303.
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