6.5

Question 1

What is economic imperialism?

Answer 1

When one country holds economic power over another country

Question 2

Economic imperialism in Asia

Answer 2

• India: British East India Co., established in early 17th century to gain control over the spice trade. Ended up leading India’s export economy being primarily cotton, because the British required cotton for their industrial factories.
• China: British demanded porcelain, tea, silk, but China didn’t want their goods = trade deficit, to the point where Britain’s silver stores grew low
  British East India Co. forced Indian farmers to harvest opium, smuggled and sold it in China. Chinese population became addicted and kept buying opium, therefore balancing out the trade deficit.
  *sale/trade of opium deemed illegal in 1729, w/ little effect, and Qing officials’ efforts to crack down on opium trade (see: Lin Zexu) led to the Opium Wars. British won, took over China economically by forcing them to open exclusive trading ports and demanding free trade agreements that allowed opium trade
  *led to industrialized nations dividing China into spheres of influence, where certain powers had exclusive trading rights

Question 3

What are some examples of industrialized nations that partook in carving out spheres of influence in China?

Answer 3

Japan, France, Britain, Russia, U.S., Germany

Question 4

Economic imperialism in America

Answer 4

• Imperial interest in Latin America from U.S., Spain, and Britain grew in the 2nd half of the 19th century. They sought cheap workers, markets for their goods, and raw materials.
• U.S.: Monroe Doctrine (1823); President James Monroe declared that the U.S. was to rule over the majority of the Western Hemisphere, and the U.S. was asserting dominance thanks to their industrialization.
  *U.S. invested in Cuba and Mexico’s industrialization through supporting the development of industries and railroads, because it wanted trading partners who would facilitate the transfer of raw materials and goods.
• Britain: invested into Argentina’s economy through farming, livestock breeding, railroads, and it financed the construction of the Port of Buenos Aires.
• Spain: Chile, Spain’s colonial holding, was economically dependent on agricultural exports to Spain until major copper deposits were discovered on the Chilean hillside. Copper became significant in Chile’s export economy (it eventually made up 1/3 of their exports).