Question 16:How are capitalism and colonialism linked?
The correct answer is – Capitalism and colonialism are closely linked, as colonialism played a significant role in the development of capitalism. The expansion of European colonialism in the 16th and 17th centuries allowed European countries to gain access to new markets and resources, which fueled the growth of capitalist economies.
During the colonial period, European powers established colonies in Africa, Asia, and the Americas, where they exploited local labor and resources to extract wealth for their own benefit. This led to the development of a global economic system that relied on the exploitation of people and resources from the colonized regions to fuel the growth of capitalist economies in Europe.
The colonial period also saw the emergence of the transatlantic slave trade, which involved the forced migration of millions of Africans to the Americas to work on European-owned plantations. The exploitation of enslaved labor provided European powers with a cheap source of labor and helped to drive the growth of the global economy.
In addition, colonialism played a key role in the development of the modern world system, which is characterized by global economic inequalities and the domination of Western powers. The legacy of colonialism continues to shape global economic relations and social structures, contributing to ongoing economic disparities between the Global North and Global South.
Overall, capitalism and colonialism are linked in that the expansion of capitalism was fueled by the exploitation of labor and resources from colonized regions, and the legacy of colonialism continues to shape global economic relations and social structures today.
