Three stages of British Colonialism
First
phase- The Mercantile phase (1757-1813)
The East India Company used
its political power to monopolize trade and dictate terms to traders of Bengal.
Imposition of Inflated prices
of goods id to buccaneering capitalism whereby wealth flowed out of barrel of
the British trader’s gun.
Revenues of Bengal were used
to finance exports to England
. Second phase –The Industrial phases
(1813-1858)
India was exploited as a market
for British goods.
Act of 1813 allowed one way
trade for the British, as a result the Indian markets flooded with cheap and
machine –made imports. Indian traders lost foreign as well as home market.
Indians were forced to export
raw materials and import finished goods.
Act of 1813 allowed one way
trade for the British, as a result the Indian markets flooded with cheap and
machine- made imports. Indian traders lost foreign as well as home market.
Indians were forced to export
raw materials and import finished goods.
Heavy import duty on Indian
products to England to discourage them in the market.
Third phase- Financial phase (1860 onwards)
The British consolidated
their position in India and made India a market for manufactures and a supplier
of foodstuffs and raw materials.
Introduction of Railways
(1853), Post and Telegraph (1853), banking System (Avadh Commercial Bank-
1881).
Heavy British investment in
India and burden of public debt increases.
Industries came into
existence (Tata Iron and Steel in 1907).
