Explain how indian industries and trade had been ruined under the british rule in the eighteenth century.
Answers
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The 18 century is described as the period of monopoly trade and direct appropriation. During the last half of the 18th century India was conquered by a Monopoly Trading Corporation -the East India Company the company has two basic objectives at this stage. 1. First was to acquire Monopoly trade with India.This meant that other English or European merchants or trading companies should not compete with it in purchase and sale of Indian Products. This would enable the East India Company to buy Indian Products as cheaply as possible and sell them in world markets at as higher price as possible. The English competitors were kept out by persuade in the British government to grant the East India Company through a royal charter a Monopoly of the right to trade with India and the East.
Against the European Rivals the company had to wage long and fierce wars on land and the sea. The company took advantage of the disintegration of the Mughal empire to acquure increasing political domination and control over different parts of the country. After political conquest, Indian Weavers were also employed directly by the country Company. In that case they were forced to produce cloth at below market prices.
2. The second major objectives of colonialism at this stage was to directly appropriate Government and revenues through control over State Power to fulfill their personal interest. Financial resources had to be raised in India for another reason. Indian money was needed to purchase Indian goods. This could be acquired by the by sale of British goods in India or by export of gold and silver to India. British Industrial Products could not compete with Indian Handicrafts products till the beginning of the 19th century.
Both the objectives where rapidly fulfilled with the conquest first of Bengal and parts of South India and then over the years of the rest of India. The East India Company now used its political power to acquire monopolistic control over Indian trade and handicraft products. Indian trader were gradually replaced and ruined, while the rivers and other craftsman were compelled either to sell their products at an economic rates or to work for the company at low wages.
In fact this element of plunder and direct seizure of surplus was very strong in the first stage of colonialism and this leads to the destruction of Indian indigenous industries.