Ad
related to: overview of colonial economy system
Search results
Results From The WOW.Com Content Network
A number of modern economic historians have blamed the colonial rule for the state of India's economy, with investment in Indian industries limited since it was a colony. [21] Under British rule, India experienced deindustrialization .
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP.
Regardless of the system of classification, the fact remains, colonial actions produced varied outcomes which continue to be relevant. [ citation needed ] In trying to assess the legacy of colonization, some researchers have focused on the type of political and economic institutions that existed before the arrival of Europeans.
Its economy was eventually surpassed by the United States in 1916. [13] The United Kingdom's involvement in the First World War and the Second World War damaged Britain's economic power, and a global wave of decolonisation led to the independence of most British colonies.
Spain also intended to destabilize the plantation economy of the British colonies by creating a free black community to attract slaves. [11] Notable British raids on St. Augustine were James Moore's 1702 raid and James Oglethorpe's 1740 siege.
Therefore, given a more developed civilisation and denser population, European colonists would rather keep the existing economic systems than introduce an entirely new system; while in places with little to extract, European colonists would rather establish new economic institutions to protect their interests.
As settlements became colonies, conflict steadily rose between both parties as English colonists occupied more lands and territories. With the notable population growth of English colonies, dependence upon tribal goods dissipated. Indian tribes of the North Eastern woodlands became increasingly dependent upon colonial goods. By the time of the ...
Trade and markets now figured as the economic nexuses of global power, a shift confirmed in the 1944 Bretton Woods agreement, which not only inaugurated an international currency system but also established two central banking institutions—the International Monetary Fund and the World Bank—to oversee the global economy.