Journal of Institutional Economics (2020), 1–14 doi:10.1017/S1744137420000296 RESEARCH ARTICLE Institutions, social order and wealth in ancient India Jim Rooney1* and Vijaya Murthy2 1School of Business, The University of New South Wales, Canberra, Northcott Drive, Campbell, ACT 2600, Australia and 2Discipline of Accounting, Business School, Coddrington Building, The University of Sydney, Sydney, NSW 2006, Australia *Corresponding author. Email:
[email protected] (Received 14 November 2019; revised 22 May 2020; accepted 23 May 2020) Abstract Orthodox economic theorising on ancient societies emphasises the absence of market institutions, in con- trast to advanced contemporary economies. However, this may downplay the influence of non-economic interests in the generation of wealth. Consequently, this paper examines an ancient civilisation identified as economically successful namely, the Mauryan Empire (322 to 85 BCE) centred on the Indo-Gangetic plains. Drawing on translations of books collectively known as the Arthasastra (lit. the science of wealth) as well as contemporaneous Greek and Roman texts, this paper examines the role of institutions in gen- erating wealth within societal norms of income distribution and the preservation of social order. Given the importance of trade to this society, comparisons are made with medieval European institutions in terms of market coordination and the maintenance of generalised trust in trading markets. As a consequence, the role of institutions in addressing social and economic uncertainty affecting an ancient society is highlighted. Key words: Formal institutions; guilds; Mauryan Empire; social order; wealth 1. Introduction Institutions1 have been identified by scholars as a crucial organising structure in recent economic development (Amin, 1991; Spohn, 2010).