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In India, Colonialism as a phenomenon entered into three phases a) Between 1757-1813- Mercantile Phase b) Between 1813-1857- Industrial capitalism c) 1857 onwards- Financial capitalism
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In India, Colonialism as a phenomenon entered into three phases a) Between 1757-1813- Mercantile Phase b) Between 1813-1857- Industrial capitalism c) 1857 onwards- Financial capitalism In the first phase, English east India company, monopolised trade and used its political power to direct the terms to the artisans of Bengal who were forced to sell their products at cheaper rates. It meant buying cheap raw material and goods selling it at high prices. The second phase is Industrial Capitalism or free trade (1813-57)- The Industrial revolution in England completely transformed Britain’s economic relation with India. India became chief exporter of raw material to British Industries and also served as the main market to manufacture British goods. The Indian goods had to face tough competition from machine made goods in this phase. The third phase of financial capitalism- The British introduced roadways, post and telegraph into India for their own commercial and political need. As a result of the various investments made, the burden of public debt on India increased. Thus, the wealth drained from India played an important role in financing British capitalist development. The economic policies followed by the British led to the rapid transformation of India’s economy into a colonial economy where nature and structure were determined by the needs of the British economy. Impact on Economy- Industry, Agriculture and Trade Handicraft Industry for which India was known collapsed under Colonial rule due to- a) Competition by cheap machine-made goods b) Railways intensified the reach of these goods to remotest part of the country c) Free-trade policy helped British to dictate the terms
d) British compelled the Indian craftsmen to sell their goods at below market price e) Indian artisans were forced to work in low wages and they ha to abandon their ancestral trade f) India became the exporter of raw materials to British industries and an importer of ready-made goods from Britain. This ruined Indian Industries called De-Industrialisation Agriculture a) Limited colonial initiative to develop agricultural production, except the construction of some irrigation canal b) Poor peasants were left to work as labourers on the rich peasants or Zamindar’s land c) Technological development was helpful for the large-sized farms, so ultimately helpful for the richer farmers d) Famines and droughts, were another reason for the suffering of agriculture e) British government did not pay attention on the matters related to the relief of farmers f) Commercialisation led to widening of gap between the rich and poor g) Commercialisation of crps such as sugarcane, Indigo, cotton affected the production of eatables products in India h) High demand of revenue by the government forced peasants to cultivate cash crops and pay land revenue in cash Trade and Commerce a) British capitalists has access and command over capital b) British had connection with the banks and agency houses c) British chambers of commerce and the managing agencies influenced government policies and eliminated indigenous competition d) By 1914, 60 agencies of British companies dominating jute industry, coal mining and tea plantations and were controlling 75% of the Industrial capital in India and 50% of the total industrial employment