5th semester history
Unit-I
The Colonial Legacy
The industrial revolution in Britain led to the rise of a powerful class of
manufacturers that were from here on going to influence the British policies in a big way.
They urged the British government to do away with the monopoly of the company in
trade with India and hence, finally succeeded in 1813 in abolishing it’s monopoly
over trade with the Charter act of 1813.
This marked the beginning of a new phase in Britain’s economic relations with India, with
government now following the policy of free trade or unrestricted entry of British goods into
the Indian market. Thus, a stagnating per capita income, abysmal standards of living,
stunted industrial development and low-productivity and semi-feudal agriculture marked the
economic legacy of colonialism as it neared the end.
All Credit to Mir Huzaif and Wanin Emraan
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