Objective: Explain how various economic factors contributed to the development of the global economy.
Learning Goals:
I can explain the growth of economic imperialism used by European & U.S. states and businesses in Asia and Latin America.
I can describe the economic advantage of merchants and companies in the U.S. and Europe as they exploited commodities from less imperialized countries/colonies.
I can explain the growth of economic imperialism used by European & U.S. states and businesses in Asia and Latin America.
I can describe the economic advantage of merchants and companies in the U.S. and Europe as they exploited commodities from less imperialized countries/colonies.
Historical Developments
Industrialized states and businesses within those states practiced economic imperialism primarily in Asia and Latin America.
Industrialized states practicing economic imperialism:
- Britain and France expanding their influence in China through the Opium Wars
- The construction of the Port of Buenos Aires with the support of British firms
Trade in some commodities was organized in a way that gave merchants and companies based in Europe and the U.S. a distinct economic advantage.
Commodities that contributed to European and American economic advantage:
- Cotton grown in South Asia and Egypt and exported to Great Britain and other European countries
- Opium produced in the Middle East or South Asia and exported to China
- Palm oil produced in sub-Saharan Africa and exported to European countries
- Copper extracted in Chile