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Q4. What was the effect of cheaper British goods on the global economy?

ANSWER:

As England was the first country where industries developed, she gained almost complete control over world markets. Even when people in other countries began to use machines they found they could not compete with England’s low prices. To help keep these low priced products from coming into their markets many countries introduced protective tariffs, that is- governments passed laws that required the payment of such a High tax on imported British manufactures that similar products made locally sold more as they were cheaper. The levy of tariffs to protect new industries became a wide spread practice.

The search for markets and sources of raw materials resulted in international rivalries. First England later, other Western countries began to look for new sources of raw materials and markets for their manufactures.

In this race, almost the entire non-industrialized world was carved up into colonies— spheres of influence or territories— for economic and political domination by industrialized countries.

Strong nations subordinated the economies of the countries under their domination to their own interests. They forced them to buy and sell on their own terms.

The race for colonies caused many international conflicts. The countries which had been industrialized late and had no colonies, wanted to wrest them from those that had. Countries which had colonies wanted still more.

 

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