1. Irfan Habib's "Agrarian Crisis" Thesis
In The Agrarian System of Mughal India, Irfan Habib argued that the high revenue demand (often 1/3 to 1/2 of gross produce), combined with frequent transfers of Jagirdars, led to systemic over-exploitation of peasants. Facing starvation, peasants abandoned their lands, fled into forests, or joined armed rebellions led by local Zamindars (e.g., Jats, Satnamis, Sikhs, and Marathas), causing the economic collapse of the empire.
2. Satish Chandra's "Jagirdari Crisis" Thesis
Satish Chandra attributed the economic crisis to a structural shortage of revenue-yielding lands (Be-Jagiri). The expansion of the noble class under Aurangzeb outstripped the available land revenue, creating intense competition among nobles, administrative paralysis, and the breakdown of imperial authority.
3. W.H. Moreland vs. Modern Revisionists (Commercial Growth Thesis)
Colonial historian W.H. Moreland portrayed the medieval Indian economy as stagnant and oppressed by despotic tax collection. Modern revisionist historians (such as Tapan Raychaudhuri, Muzaffar Alam, and Sanjay Subrahmanyam) argue that the 17th century was a period of commercial growth, dynamic monetization, vibrant market networks, and expanding merchant capital.