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Colonial Africa fell within that part of the international capitalist economy from which surplus was drawn to feed the metropolitan sector. As seen earlier, exploitation of land and labour is essential for human social advance, but only on the assumption that the product is made available within the area where the exploitation takes place.
The influx of precious metals to the Spanish monarchy's coffers allowed it to finance costly religious wars in Europe which ultimately proved its economic undoing: the supply of metals was not infinite and the large inflow caused inflation and debt, and subsequently affected the rest of Europe.
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 .
Map showing the grants provided for in the Charter of 1606. The First Charter of Virginia, also known as the Charter of 1606, is a document from King James I of England to the Virginia Company assigning land rights to colonists for the creation of a settlement which could be used as a base to export commodities to Great Britain and create a buffer preventing total Spanish control of the North ...
These plantations played a large role in developing the Northern economy in opposing lines from the plantation-based economy of the American South. Compared to the large-scale cash crop plantations which underpinned the Southern economy, plantations in New England were small-scale, and meant mainly for subsistence purposes rather than profit ...
A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand. The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.
There is debate about the impact of ranching on the environment in the colonial era, with sheep herding being called out for its negative impact, while others contest that. [155] With only a small labor force to draw on, ranching was an ideal economic activity for some regions.
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.