Chronology ![[Pasted image 20220316201016.png]]
Till the first half of 18th century [[India]] was superior to any European country, but the nature of trade and position of Indian traders were to change under the company's rule.
R C Dutt's work The Economic History of India remain till date the most influencial book on colonial Indian economy. He identifies 3 phases of [[British]] exploitation of India
Mercantile Phase 1757-1813 English east India company bought Indian goods at low prices using the revenue from [[Bengal]] and sold it in the european markets, this lasted till [[Cornwallis]] put an end to the massive corruption. The permanent settlement also helped corruption in revenue collection.
2nd phase, Industrial revolution 1813 - 1858 It was an age of Free Trade capitalist exploitation, with the Charter of 1813 the english trade was given a boost. Railroads built under [[Dalhousie]] brought trade to remote corners of [[India]], the Indian cotton industry was completely destroyed under this period.
3rd Phase: Financial Imperialism This phase saw export of capital from India and chains of British controlled Banks. The manner in which Railways developed is a fine example of financial Imperialsm