HISTORY
THE AGE OF IMPERIALISM
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Their economies were underdeveloped.
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Their economies were stronger than those of their trading partners.
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They were unable to form new trade relationships after colonialism ended.
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They were only able to trade with the United States and Britain after colonialism ended.
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Detailed explanation-1: -All in all, both texts suggest that the primary reason for the underdevelopment of Latin America was its colonisation by Europeans. The first chapter shows that the export of silver from Peru and Mexico was useful for Spain but drained the countries’ resources that could have been used for economic development.
Detailed explanation-2: -Colonialism contributed to the prolonging of the underdevelopment of their economies because the conquerors of the people wouldn’t let any of South America develop more than needed to boost their own economies, and when the Europeans were kicked out, the process of development finally got off to its slow start.
Detailed explanation-3: -Independence finally allowed Latin America to legally trade with any country in the world; in other words, it gave her full access to international trade and capital. During colonial times, foreign investment was strictly restricted and the trade monopoly kept colonial commodities at artificially inflated prices.
Detailed explanation-4: -Drain of wealth. Colonialism led to a substantial outflow of financial resources. It is best documented in the case of British India, where a controversy between Indian historians and defenders of British colonialism still has not been settled.