Colonial economies

Definition

Colonial economies refer to the economic systems of colonies during the time when they were under the control of a foreign power. These economies were often designed to benefit the colonizing country rather than the colony itself.

Related terms

Mercantilism: This term refers to an economic system prevalent during the colonial era where colonies existed primarily for the benefit of their mother country, which controlled their trade and resources.

Raw materials: These are natural resources extracted from colonies by colonizers and used in manufacturing or production processes.

Exploitation: This term describes how colonial powers took advantage of their colonies economically, politically, and socially for their own gain.