Economic Imperialism (Question 2)
Surabi, Pooja, Eric, Teja, Varshini, Kaushik
What caused economic imperialism?
Imperialism was in the economic interests of European societies and individuals
Overseas colonies were reliable sources of raw materials not available in Europe that came into demand because of industrialization
Rubber, tin, copper, and petroleum (in the 19th century petroleum was needed)
Colonies would consume manufactured products and provide a place for migrants in the age of a rapidly increasing European population
Places where economic imperialism occurred
China was subject to economic imperialism from several European countries and Japan as well.
The United States subject Latin America to economic imperialism for raw materials and transportation methods (such as the Panama Canal).
Britain had economic and political imperialism over India. Indians grew cotton and the British exported it from the country. Then, they finished the cotton in Britain and sold the products back to India.
Effects of Economic Imperialism
Industrialization of Colonies?
The Monroe Doctrine
For example, the United States wanted to build a canal across the isthmus of Panama to allow communication and transportation between the Atlantic Ocean and the Pacific Ocean. This would enable a faster trade route to reach more countries. However, Colombia (which possessed Panama at the time) was unwilling to cede land for the purpose of the United States' economic advancement. Therefore, the United States supported a rebellion in Colombia, and then helped the victorious rebels break away from Colombia and establish the state of Panama. In exchange for their support, the United States won the right to build a canal across Panama and control the adjacent territory (the Panama Canal Zone). This boosted the economy of the United States, but only through imperialistic ventures in Panama and Central/South America.
The Monroe Doctrine is why European states did not have a high level of interference in Latin American states.