Abstract
This chapter focuses on the history and impact of colonialism as the main reason for the contemporary divide between first and third worlds – and suggests that many of the proposed explanations are underlain by this more fundamental cause. The East India Company’s monopoly over the lucrative trade with India made it a growing power within England. Yet it was kept in restraint for at least two reasons. First, strange as it may sound to a reader in world, back then there was little that England produced that found a ready market in India – so the company had to pay for its purchases with gold and silver. Second, given the enormous strength of Mughal Empire, the company had to behave itself if its rights to trade in India were to be renewed periodically. The Mughal Empire underwent a slow decline from the 1730s on and wars of succession had further weakened it by the middle of the eighteenth century.
Published Version
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