In his recent book, Raman Mahadevan, a distinguished economic and business historian, presents a compelling account of the Nattukotai Chettiars, one of South India’s most influential merchant communities from the Tamil region. Drawing on extensive historical and archival research, this book traces the journey of how this caste-based community ventured across the Bay of Bengal to Burma, Ceylon, and Southeast Asia; thriving during and beyond British imperialism. The story of the Nattukotai is a testament to entrepreneurial grit and a willingness to embrace the unknown.
The book illustrates how the Chettiars used traditional networks and adaptative strategies to become a key entrepreneurial force across borders. Through detailed analysis, Mahadevan reveals how geography, political shifts, and economic developments shaped the Chettiars’ rise and decline. For instance, the harsh conditions of the region fostered outward mobility, while the opening of the Suez Canal boosted trade. Conversely, the Japanese invasion of Burma and the Great Depression disrupted their intricate caste-based lending networks, causing severe setbacks to the community.
The author highlights how traditional institutions supported business, offering a distinctly indigenous view of commerce. For instance, challenging the Western notion of entrepreneurship as an individual pursuit, Mahadevan underlines the collective strength of community structures which facilitated risk-taking, capital pooling, and inter-generational continuity. Another, notable example of this collective model is the temple economy which were the financial centres sustaining the local economy. A compelling narrative is the community’s integration of wealth with cultural patronage, exemplified by figures like Raja Sir Annamalai Chettiar and others, whose legacy in Tamil education and literature reflects this synthesis.
Whether it’s the politics of business lobbying, rivalry between the Marwaris and Multanis, or the impact of events such as the Swadeshi movement or the collapse of the Arbuthnot bank, Mahadevan’s most distinctive contribution lies in mapping Indian commerce during colonial rule. He insightfully illustrates how capitalism disrupted traditional caste ties—for instance, how the Great Depression led to the Chettiars’ formal withdrawal from long-standing traditional networks. These forces not only shaped the economy but also reshaped the social fabric of the time. The narrative spans rubber plantations in Malaya, rice markets in Burma, and opium plantations in Ceylon, culminating in a poignant moment where some Chettiars were forced to sell even window panes to survive, while others retained mansions that still stand tall as enduring testaments to their past grandeur.
This book is a valuable resource for students of business, history, and South Asian studies. It also offers rich insights for modern entrepreneurs, with timeless lessons on adaptability, the importance of risk diversification, and the power of social capital.