Gold Jewelry for Financial Crisis: The Moral Economies of Women’s Magazines (1930s.-1940s.)

Abstract

This paper examines the role of advertisements in shaping the moral economy of three women’s magazines – Khātūn-e Mashriq, ‘Ismat, Chānd – published in Urdu and in Hindi between 1930 and 1950. These magazines gained widespread popularity across northern India – and even beyond – by building enduring readership while employing different financial schemes. From the advertisements-based model of circulation to the corporation model, editor-entrepreneurs developed various strategies to sustain their publishing enterprises. While some editors excluded advertisements that conflicted with the magazines’ values, others prioritized mercantile interests or financial necessity over moral considerations. In that context, jewelry and gold emerged as contentious topics, both as women’s traditional safety net during financial instability and as subjects of reformist critique. The rise of brand-name capitalism and the introduction of cheap, naklī gold, transformed the gold market into a realm of consumerism, reshaping its moral and economic significance. By focusing on advertisements for gold and jewelry, this paper explores the ambiguous values of zevar and the ways these values were reflected in the content and the form of these magazines.