Effects of the Second Wave of Imperialism on the Global Economy
Introduction
- Focus on the efforts of industrialized imperial powers to colonize.
- Motivation: Acquire more raw materials for manufacturing.
Transformation of Colonial Economies
- Colonies turned into export economies.
- Export of raw materials or goods for distant markets.
- Prior to colonization, most colonized regions had subsistence farming.
- Subsistence Farmers: Grew a variety of foods for family survival.
- Post-colonization: Shift towards cash crops or specific natural resources.
- Example: Land previously used for diverse farming was converted to grow cotton for textile factories.
Causes of Economic Transformation
Need for Raw Materials
- Industrial powers required materials for factories.
- Industrial production was a key means to gain and maintain power.
- Example:
- Egypt and India's economies focused on exporting cotton to Britain.
- Britain's cotton supply from the US was disrupted due to Civil War.
- Palm oil extraction in West Africa for manufacturing soap and machine lubrication.
- Guano extraction for fertilizer.
Supply of Food to Urban Centers
- Industrialization led to urbanization (growth of cities).
- Cities required imported food due to population growth.
- Colonial economies shifted to cash crops like sugar, coffee.
- Increased demand for meat fulfilled by ranching in Argentina and Brazil.
Effects of Global Economic Developments
Profits from Exports
- Profits used to purchase finished goods.
- Colonies provided markets for manufactured goods.
- Colonies had to buy necessities on the World Market.
Economic Dependence
- Colonies became economically dependent on imperial powers.
- Reorganization served interests of colonizers, not indigenous peoples.
- Highlight: Importance of colonies' dependence on imperial states.
Conclusion
- Imperial powers' reorganization impacted colonies' economies negatively.
- Created dependence and prioritized colonizers' interests.
Additional Resources
- Video guides and notes for further review.
These notes summarize the key points and themes related to the impact of the second wave of imperialism on the global economy. It explains how imperial powers transformed colonial economies, the motivations behind these changes, and the resulting economic dependencies.