The developments in Indian economic thought that we shall consider next occurred in a very different historical context: the so-called British Period of Indian history. This itself covers two distinct phases, in the earlier of which the East India Company took over effective power from a rapidly crumbling Mughal Empire, and went on to consolidate its dominion in India. It is in the second phase, from the establishment of direct rule by the Crown following the Mutiny of 1857 to the independence and partition of India in 1947, that the contributions to economic thought to be considered here mostly occurred.