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Page 1 Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Paper: International Economics Lesson: Colonialism and Underdevelopment of the Indian Economy Name: Sarabjeet Kaur College/Department: Rajdhani College, University of Delhi Page 2 Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Paper: International Economics Lesson: Colonialism and Underdevelopment of the Indian Economy Name: Sarabjeet Kaur College/Department: Rajdhani College, University of Delhi Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Table of the Contents Chapter: Colonialism and Underdevelopment of the Indian Economy 1. Learning Objectives 2. Colonialism 3. Exploitation of India Under British Rule a. Merchant Capital and the Exploitation. b. Industrial Capital and the Exploitation. c. Finance Capital and the Exploitation. 4. Drain Theory 5. De-industrialization 6. References Page 3 Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Paper: International Economics Lesson: Colonialism and Underdevelopment of the Indian Economy Name: Sarabjeet Kaur College/Department: Rajdhani College, University of Delhi Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Table of the Contents Chapter: Colonialism and Underdevelopment of the Indian Economy 1. Learning Objectives 2. Colonialism 3. Exploitation of India Under British Rule a. Merchant Capital and the Exploitation. b. Industrial Capital and the Exploitation. c. Finance Capital and the Exploitation. 4. Drain Theory 5. De-industrialization 6. References Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Learning Objectives After study this chapter, you will learn: 1. Meaning of Colonialism 2. Exploitation by Britisher 3. Drain theory 4. Effect on various sectors Page 4 Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Paper: International Economics Lesson: Colonialism and Underdevelopment of the Indian Economy Name: Sarabjeet Kaur College/Department: Rajdhani College, University of Delhi Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Table of the Contents Chapter: Colonialism and Underdevelopment of the Indian Economy 1. Learning Objectives 2. Colonialism 3. Exploitation of India Under British Rule a. Merchant Capital and the Exploitation. b. Industrial Capital and the Exploitation. c. Finance Capital and the Exploitation. 4. Drain Theory 5. De-industrialization 6. References Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Learning Objectives After study this chapter, you will learn: 1. Meaning of Colonialism 2. Exploitation by Britisher 3. Drain theory 4. Effect on various sectors Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Colonialism and Underdevelopment of the Indian Economy World experienced large number of significant events during 17 th and 18 th century. One of most important event that took place in England was Industrial Revolution. Further, the event of industrial revolution was spread to other counties of Europe. Vasco De Gama developed sea route to India, as a result, Britain and most of the European Countries came to India for trading. India provided a platform to Britain for providing raw material for factories and also a market for finished goods. British officials have perfect opportunity to establish their hold through wars, forced treaties, annexations of and alliances with the various regional powers. Britishers introduced new administrative and economic policies, which helped them to establish their control in the country. They collect huge revenue through their land revenue policies from poor farmers. They also forced farmers to produce various cash crops and raw material for British industries. Britian control the political system of India such that its trade with India only. They improved transport and communication system in India so that they can do easy trade with India. They also developed English education system so that Indians would assist the Britishers in ruling India and strengthen their political power. Page 5 Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Paper: International Economics Lesson: Colonialism and Underdevelopment of the Indian Economy Name: Sarabjeet Kaur College/Department: Rajdhani College, University of Delhi Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Table of the Contents Chapter: Colonialism and Underdevelopment of the Indian Economy 1. Learning Objectives 2. Colonialism 3. Exploitation of India Under British Rule a. Merchant Capital and the Exploitation. b. Industrial Capital and the Exploitation. c. Finance Capital and the Exploitation. 4. Drain Theory 5. De-industrialization 6. References Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Learning Objectives After study this chapter, you will learn: 1. Meaning of Colonialism 2. Exploitation by Britisher 3. Drain theory 4. Effect on various sectors Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Colonialism and Underdevelopment of the Indian Economy World experienced large number of significant events during 17 th and 18 th century. One of most important event that took place in England was Industrial Revolution. Further, the event of industrial revolution was spread to other counties of Europe. Vasco De Gama developed sea route to India, as a result, Britain and most of the European Countries came to India for trading. India provided a platform to Britain for providing raw material for factories and also a market for finished goods. British officials have perfect opportunity to establish their hold through wars, forced treaties, annexations of and alliances with the various regional powers. Britishers introduced new administrative and economic policies, which helped them to establish their control in the country. They collect huge revenue through their land revenue policies from poor farmers. They also forced farmers to produce various cash crops and raw material for British industries. Britian control the political system of India such that its trade with India only. They improved transport and communication system in India so that they can do easy trade with India. They also developed English education system so that Indians would assist the Britishers in ruling India and strengthen their political power. Colonialism and Underdevelopment of the Indian Economy Institute of Lifelong Learning, University of Delhi Colonialism Before discussing the role of colonialism in India, let us discuss the meaning of colonialism. Colonialism relate to the relation of political and social between two countries; ruler and colony. The ruling country controls political system of the colony. Ruling country also controls the economic system such that they can make and regulate all the policies in favour of ruling power. This imbalance association between the colony and ruling country causes underdevelopment of the colony. Bipan Chandra gave three characteristics of colonialism. 1. There is a complete and complicated relation of the colony with the rest of world capitalist system in a secondary position. 2. There is an imbalance trade between a colony and the industrialist countries. they use better technology with high productivity and mainly produce capital intensive goods, whereas the colony use low level of technology with low productivity and mainly produce labour intensive product. 3. There is a unilateral transfer of surplus from colony to ruling country, which is called as drain of wealth, through exports. Exploitation of India Under British Rule After the Battle of Plasey ,the East India Company of British established its rule through the major portion of India. With this, the period of exploitation of Britishers in India have started. In this period, there was huge drain of wealth from India to England. This results in pauperization of the India and Industrial Revolution in England. After the transfer of power from East India Company to British Crown, it did not change any circumstances. But, the form of colonial exploitation had changed.Read More
1. What is colonialism and how did it contribute to the underdevelopment of the Indian economy? |
2. What were the effects of colonialism on the Indian economy? |
3. How did colonialism impact the agriculture sector in India? |
4. How did colonialism affect trade and industrialization in India? |
5. Did colonialism leave any positive impacts on the Indian economy? |
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