Question

Name the important source of economic history of the colonial period

Answer 1

Explanation:

Until the 1980s, the principal use for economic history in India was to supply a critique of the market-oriented policies of British colonial rule, and thus provide independent India's pursuit of "self reliance" with an ideological basis. In the era of globalization that kind of history has lost its intellectual vitality and its political purpose. This essay argues that in order to restore the link between economic history and modern India, the center of the discipline needs to shift from imperialism to economic structure, especially to long-term continuities between colonial and post colonial India in resource endowments.

Answer 2

The colonial economy was a mercantile system, in which Britain controlled the production and trade of colonial goods.

Explanation:

• Refers to the financial system formulated by British to draw upon the natural resources of the Indian Subcontinent.
• The purpose of building colonial economy was to make sure a continuing supply of raw materials, cheap labor, market, area for investment, and area for settlement.
• Northern colonies mostly relied on trade, while Southern territories were major agricultural producers of cotton and tobacco.
• The colonial economy was a mercantile system, in which Britain controlled the production and trade of colonial goods.

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