NYU Britain and Colonies Economic Growth for Liuyi Discussions

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Question:Did the British Empire help or hinder economic growth in Britain? In the colonies? Student 1: The British Empire helps economic growth at the beginning of the 19th century, but the economy declined since the second half of the 19th century. The first British Empire began the mercantilist period in terms of trading monopolies by East India Company in 1600; After the trading company takes on political functions, the British government intervened the trading company and nationalized the East India Company (“Module 6, Lecture 2: Trade and Empire”). The British abolished the monopoly and preserved openness of markets, which helped the empire increase its economic profits. For the “mother country” Britain, the British Empire provided a better environment to exchange the products by ships. Like the textbook describes, the engineering industry overgrew due to the great demands of three sectors, including textile industry, iron industry, and the coal industry. All three of the sectors in Britain and other foreign demand stimulated the entire economy. It is estimated that one-third of total international commerce is controlled by the British Empire in 1870. However, between 1873 and 1913, the growth rate of gross national product declined, which is lower than same-period Germany and the United States. The primary reason for this decline is related to the enormous cost of the British Empire. In other words, the empire spent much on importing the raw materials, highly technical facilities, and high investment ratios. The longterm high cost of import increases the financial burden of the empire (Cameron and Neal, 1993, P.236). Besides, the economy declined is also related to the educational system that there is no system to offer technical education. The British Empire did help the economic growth in the first half of the 19th century, but the long-term cost of technicals and import hinder the economy in Britain. In the 19th century, the British Empire expanded its power to India and Africa when other European countries dominated the colonies. The British Empire chose the colonies in India and Africa because there are many cheaper labors and productive capabilites, in addition to trading models. Therefore, the empire helps the econiomic growth in the colonies when it is competiting with other countries. The competition developed commercial trade and technical advancement in the colonies, which provides an opportunity for local development. Student2: I really appreciate the ideas you put forward and your in-depth analysis certainly attracts my great attention and gets me immersed in deep thinking. Indeed, I think British Empire help economic growth in Britain to some degree. But the British empire still faced eventual decline. Since the second industrial revolution, the industrial aggregate of Britain has been surpassed by Germany and the United States, and various colonies have been constantly resisting the British rule. Before World War I, South Africa, Canada, Australia and other relatively independent and remote colonies had been granted the status of autonomous territories within the British empire through various forms of struggle. Although they had not been established as countries, these events marked the beginning of the decline of the British empire (Kitchen, 2014). Reference Kitchen, J. E. (2014). Colonial Empires after the War/Decolonization. Online. International Encyclopedia of the First World War.
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Surname 1
Student’s Name
Professor’s Name
Course
Date
Britain and Colonies Economic Growth
Did the British Empire help or hinder economic growth in Britain? In the colonies?
The entity British Empire emerged during the mercantile era and over time remained
active upto the 19th century. During its active period, several strategies instigated by the British
Empire impacted the economy of Great Britain positively and negatively for its colonies. To
begin with, the British Empire brought about various trade restrictions that inhibited freedom and
growth of the colonies. For instance, the Acts of Trade and Navigation policy established in the
1660s aimed at making the colonies more dependent on the finished products from Great Britain
(Messina 29).
Besides this, the British government also introduced heavy taxations to prop up their
armies. This coupled with unsteady and exploitative economic policies left colonies suffering
from frequent inflations after the mother land demanded gold and silver, which were the standard
means of payment, leaving the colonies with less money in circulation (LaHaye 2). Additionaly,
the printed currency was mismanaged to instigate inflation, elements that dictated the difficult
economic conditions witnessed in the colonies.
In conclusion, the British Empire heavily depended on its colonies for its economic
growth, territorial expansion and political domination, wit...


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