By the advent of the industrial revolution, Western European nations had already developed commercial relations with most of the countries of the rest of the world. A large number of these relationships were those of an imperial power’s relationship with a subject nation, but they were qualitatively different from those of classical imperial powers like Rome. These were a consequence of expanding commercial capitalism rather than a politico-military complex. This gave them a characteristic commercial bias with manipulation of the market power as the main instrument of the relationship. This had a further interesting consequence. Even when the political empires ceased to exist the economic instruments forged remained effective and could easily be transformed to suit a new geopolitical situation. This particular commercial capitalism was primarily interested in the imports of agricultural and mineral raw materials and the export of ‘services’ and manufactured goods.
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- The Macroeconomics of Economic Subordination and Drain
Purushottam Narayan Mathur
- Palgrave Macmillan UK
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