What were the key characteristics of the three phases of colonization in India as discussed in class? Examine in your answer the difference in the approach to trade by the East India Company in these three phases of colonization and the steps taken towards building extractive institutions in India.
Colonization in india was done in three phases by the British power which were Mercantilism (1757-1813), Laissez Faire (1813-60), and Finance Imperialism (1860-1947). Colonial india was the part of the Indian subcontinent that was under the juridiction of European colonial powers during the age of discovery. The main characteristics in these three stages included the specialization whereby the colonies exported mainly primary products and imported mainly manufactures. There was great desire for specie that led to British power forming East India company to serve as a trading body for English merchants, specifically to participate in the East Indian spice trade. There was greater colonial industrialization, by making the industrial groups more influential, should make a colony more rebellious. Within India, more industrialised districts should lend greater support to the anti-imperial movement.
There was great rebellion in trade from India due to the exploitation of resource and industrial revolution began leading to East India company becoming more specialised in producing resources needed by the English merchants. East India company forcibly annexed other regions of the subcontinent and forged alliances with rulers of territory they were to conquer. This led to growth of the company and the subsequent companies applied the same technique.