The foundation of British colonialism was led in 1757 after the battle of Plassey. The objective of East India Company was that of capitalist monopolistic companies ie earning maximum profit by gaining control over the factors of production in foreign territory. The initial objective was to take over such resources under their control that can be sold in England markets, for which they took several steps. As a result wealth and resources started draining out of India year after year. The centuries old handicraft declined and agriculture became only medium of substance.
Rajnipalm Dutta has outlined 3 phases of colonialism in his book, India Today:
(1). Commercial phase (1757-1813) :The East India Company had established their monopoly over trade started exporting goods obtained at low prices to Europe. During this period, revenue obtained from Bengal was used for purchasing goods. This was termed as 'investment' by company.
(2). Industrial Free Trade or Commercial Capitalism (1813-58) : In this phase India became a free market for import of British goods and export source of raw materials to England. In 1813, the companies trading in India was prohibited and from 1833 all the commercial activities of the company was stopped. Now the capitalists started exploiting India openly, they used to buy raw materials from India and sell there produce here. This created famine in India.
(3). Financial Capitalism (1860-1947) : The revolt of 1857 was the strong reaction of peasants towards the colonial policy of English. Roads, Railways, Posts, Telegraphs and Banks were developed to fulfill the commercial requirement. These methods provided greater opportunities for capital investment, the British debt over India went on increasing year after year. During this phase, India completely became colony of Britain. The colonialism destroyed old production centres of India.
(2). Industrial Free Trade or Commercial Capitalism (1813-58) : In this phase India became a free market for import of British goods and export source of raw materials to England. In 1813, the companies trading in India was prohibited and from 1833 all the commercial activities of the company was stopped. Now the capitalists started exploiting India openly, they used to buy raw materials from India and sell there produce here. This created famine in India.
(3). Financial Capitalism (1860-1947) : The revolt of 1857 was the strong reaction of peasants towards the colonial policy of English. Roads, Railways, Posts, Telegraphs and Banks were developed to fulfill the commercial requirement. These methods provided greater opportunities for capital investment, the British debt over India went on increasing year after year. During this phase, India completely became colony of Britain. The colonialism destroyed old production centres of India.
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