USA HISTORY

Detailed explanation-1: -The East India Company was initially created in 1600 to serve as a trading body for English merchants, specifically to participate in the East Indian spice trade. It later added such items as cotton, silk, indigo, saltpeter, tea, and opium to its wares and also participated in the slave trade.

Detailed explanation-2: -The Tea Act: The Catalyst of the Boston Tea Party. The Tea Act, passed by Parliament on May 10, 1773, granted the British East India Company Tea a monopoly on tea sales in the American colonies.

Detailed explanation-3: -The Company had a legal monopoly over all trade between England and modern day India and China, but its privileges and property were far from secure. The king and parliament authorized interlopers to enter the Company’s market and forced the Company to make loans to retain its monopoly.

Detailed explanation-4: -The new English East India Company was a monopoly in the sense that no other British subjects could legally trade in that territory, but it faced stiff competition from the Spanish and Portuguese, who already had trading outposts in India, and also the Dutch East Indies Company, founded in 1602.

Detailed explanation-5: -1. The trade monopoly of the East India Company was ended. 2. Trade in tea and trade with China was still exclusive to the East India Company.