3 - Political Commensalism: Manekchand Jhaveri and Bankrolling Bids to the Throne, 1658–1707

Summary

Chapter 3 focuses on the final years of Shah Jahan’s rule, including the princely rivalry between Aurangzeb and his brothers for their father’s throne. Through local evidence, I demonstrate that during moments of crisis when members of the state needed ready capital, they relied on the Jhaveris to provide cash loans. The timeliness of loans was the most important factor, since battles for the imperial throne were fought quickly and decisively. Such loans were deployed by princely retinues to muster additional troops and resources. Even the slightest advantage in resources could catapult a prince to emperorship. This chapter traces how the Jhaveri family entered into the risky business of political financing. We learn that their services as merchants, bankers, and financiers were highly valued by Mughal elites, and even bad bets placed on a losing prince did not compromise their exalted positions as preeminent merchants of Gujarat. I characterize this phase of Mughal-Jhaveri relations as political commensalism, for the Mughals benefited immensely from emergency loans, while the Jhaveris neither benefited nor were decisively harmed in any manner.