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  • First Oil


    Pramod Kulkarni

    In the course of global economic history, markets shift when goods and services can be acquired at a lower price. A good example is the textile industry. Since medieval times, textile weavers in Dhaka (now part of Bangladesh) produced the world’s finest muslin. As late as 1817, Dhaka muslin sold at a 75% profit in London. But the Dhaka textile business was decimated by the industrial revolution and the mass production of cotton textiles from the mills in Birmingham, England. A century later, the market shifted once again to the Far East, with the production of synthetic textiles in China and India.

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