British Empire and Dream Dare Win
Dream Dare Win
www.jeywin.com
Modern India;
Economic & Commercial Policy
The British conquerors were entirely different from the previous conquerors. Through laws and administrative, economic and fiscal policies, the British government in England and Company’s administration in India used their powers to the advantage of British manufacturers and to the detriment of the Indian socio-political and economic fabric. The gradual “development of underdevelopment’ has been traced through the three stages of British Colonialism by R. R Dutta in his classic work “India Today”.
Phases of Economic Policy in India
1600-1757: The East India Company was a purely trading company dealing with import of goods and precious metals into India and export of spices and textiles. 1757 - 1813 (The Mercantilist Phase) The East India Company monopolized trade and began direct plunder of India’s wealth. They could impose their own prices that had no relation to the costs of production. This was the phase of buccaneering capitalism whereby wealth flowed out of the barrel of the trader’s guns. The company used its political power to monopolize trade & dictate terms to the weavers of Bengal The company used revenue of Bengal to finance exports oi Indian goods. 1813-1858 (The Industrial Phase) The commercial policy of the East India Company after 1813 was guided by the needs of the British industry The British mercantile industrial capitalist class exploited India as Industrial Revolution in Britain completely transformed Britain’s economy Charter Act of 1813 allowed one way free trade for British citizens resulting in Indian markets flooded with cheap & machine made imports. Indians lost not only their foreign markets hut their markets in India too. India was now forced to export raw materials consisting of raw cotton jute and silk, oilseeds, wheal, indigo and lea, and import finished products. Indian products had to compete with British products with heavy import
www.jeywin.com
Modern India;
Economic & Commercial Policy
The British conquerors were entirely different from the previous conquerors. Through laws and administrative, economic and fiscal policies, the British government in England and Company’s administration in India used their powers to the advantage of British manufacturers and to the detriment of the Indian socio-political and economic fabric. The gradual “development of underdevelopment’ has been traced through the three stages of British Colonialism by R. R Dutta in his classic work “India Today”.
Phases of Economic Policy in India
1600-1757: The East India Company was a purely trading company dealing with import of goods and precious metals into India and export of spices and textiles. 1757 - 1813 (The Mercantilist Phase) The East India Company monopolized trade and began direct plunder of India’s wealth. They could impose their own prices that had no relation to the costs of production. This was the phase of buccaneering capitalism whereby wealth flowed out of the barrel of the trader’s guns. The company used its political power to monopolize trade & dictate terms to the weavers of Bengal The company used revenue of Bengal to finance exports oi Indian goods. 1813-1858 (The Industrial Phase) The commercial policy of the East India Company after 1813 was guided by the needs of the British industry The British mercantile industrial capitalist class exploited India as Industrial Revolution in Britain completely transformed Britain’s economy Charter Act of 1813 allowed one way free trade for British citizens resulting in Indian markets flooded with cheap & machine made imports. Indians lost not only their foreign markets hut their markets in India too. India was now forced to export raw materials consisting of raw cotton jute and silk, oilseeds, wheal, indigo and lea, and import finished products. Indian products had to compete with British products with heavy import