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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.
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 .
Indian commercial development is defined as the economic evolution of Native American tribes from hunter-gatherer based societies into fur-trade-based industries. From the early 1500s to the 1800s, intertribal and European relationships evolved in response to the growth of English settlements into the United States.
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.
The Southern Colonies could produce tobacco, rice, and indigo in exchange for imports, whereas New England's colonies could not offer much to England beyond fish, furs, and lumber. Inflation was a major issue in the economy.
Other economic historians have blamed the colonial rule for the current dismal state of India's economy, with investment in Indian industries limited since it was a colony. [133] Under British rule, India's a number of native manufacturing industries shrank.
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.
Colonial India was the part of the Indian subcontinent that was occupied by European colonial powers during and after the Age of Discovery. European power was exerted both by conquest and trade, especially in spices .