What are the Economic Patterns of Colonialism?

Name: Course: Institution: Date: What are the Economic Patterns of Colonialism? Many people have argued that the resources found in Africa didn't have any significance to the natives of the land until they could get developed by the Europeans using their high skills and capital. The development of agriculture required excess capital to ensure great improvements in the sector. The major concentrations were made in the countries with minimum costs of labor and land. In this case, the production levels went high leading to high competition for raw materials, which were getting scarce due to the many investments made at that time. The colonies didn't have intentions of processing the raw materials locally for the inhabitants to benefit but just wanted to export them to their native states as finished products. An example of this incident is evident with Britain controlling all the foreign markets to ensure that her exports get direct shipments into the country. The state sold the surplus to other countries and enjoyed all the profits made at the expense of African countries getting nothing from the sales. Each colony in Africa had its budget raised from paid taxes and revenues. Africa faced economic instability due to a lack of enough capital to process the available resources into finished goods. However, Africa has every requirement for great success in modern industrialization. Various investigators have stated that Africa is probably the best-equipped continent in industrialization in the region. The slow growth in industrialization came in with the policies created by her colonies. All the rules made by the colonizers required total obedience despite the argume...