Colonial economics

Colonial economics refers to the economic systems and policies implemented by colonial powers to benefit their own countries. Colonies were often used to supply raw materials, such as minerals, crops, and labor, which were then sent back to the colonizing nation. This relationship prioritized the wealth and development of the colonial power over the local economy, often leading to resource depletion and limited local industries in the colony. Essentially, colonial economics was designed to serve the interests of the colonizers, shaping global trade and economic patterns that persisted long after independence.