New Imperialism

New Imperialism
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NEW IMPERIALISM
Introduction
New Imperialism can be defined as the era of increased imperialistic expansion from half of the 19th century until World War I in 1914. The renewed motivation to expand territorial control included all the first colonial powers from Western Europe and newcomers like the United States, Germany, Russia, Japan, and Italy. Technology is an example of the new technology that characterized New Imperialism. After developing free trade policy regimes, the international financial crisis affected the industrialized world in 1873. To respond to this economic crisis, nations had to take a proactive approach in managing economic affairs. Before the 1870s, Europeans lacked mobility, firepower, and communications to pacify the interior. This essay will discuss the characteristics of New Imperialism, tools and motivation, and the legacies of the New Imperialism.
The first characteristic of the New Imperialism was the dominance of finance capital. To operate effectively, the new industries needed high capital investment in large scale units. Nations encouraged the development and improvement of capital markets and banking institutions. This is because they were flexible enough to provide financial support to new business enterprises. As a result, more capital was mobilized, and business had funds for development. Technology is another characteristic of the New Imperialism. Technology advancement from the Second Industrial Revolution assisted newcomers like the United States and Germany to compete with the old powers (McClennen, 2005). Mass production of steel, internal combustion engine, and electric power-assisted states like America, Japan, and Germany join the colonial scramble. Lastly, the revival of militarism was another feature of the New Imperialism. The construction of ship played a significant role in the revival of militarism. F...