MAKING OF A NEW NATION 1776 1800
THE ARTICLES OF CONFEDERATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Netherlands
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Spain
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Great Britain
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France
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Detailed explanation-1: -During this period, Britain held the monopoly over India’s imports and exports. Therefore, most of the foreign trade was restricted only to Britain, while the rest half was allowed to trade with other countries like Ceylon (Sri Lanka), China, and Persia (Iran). India was a large exporter in the colonial period.
Detailed explanation-2: -autarky, an economic system of self-sufficiency and limited trade. A country is said to be in a complete state of autarky if it has a closed economy, which means that it does not engage in international trade with any other country.
Detailed explanation-3: -British trade policies led to the drain of wealth from India. Indian trade industries and handicrafts declined. Indian artisans lost support of kings and nobles. The British wanted India to become a supplier of raw materials and an importer of finished goods.
Detailed explanation-4: -A closed economy is one that has no trading activity with outside economies. The closed economy is therefore entirely self-sufficient, which means no imports come into the country and no exports leave the country.