ESTABLISHMENT OF COLONIALISM

ESTABLISHMENT OF COLONIALISM

THE CONCEPT OF COLONIALISM

Colonialism refers  to  the   situation  whereby  one  powerful  nation  extend  its  influence  over  the  weaker  nation politically, economically  and  ideologically. Colonialism in Africa started from the 19^th century.

Colonization of the African continent by the European capitalist power is the stage in the development of capitalism which was contributed by the transformation from commercial/mercantile capitalism through industrial capitalism to monopole capitalism.

STAGES OF DEVELOPMENT OF CAPITALISM

Mercantile capitalism 

The capitalist stage that based on overseas trade. It developed between 1400 and 1750. During this period, Africa exported products of higher value to Europe while Europe exported goods of lower value to Africa. Also it was the time of the development of slave trade.

Competitive Capitalism 

The capitalist system that based on industrial production. It developed between 1750s and 1870s. It was also based on free trade. Free trade became necessary in order to expand markets and control of raw materials abroad. Industrial capitalism based on the need of raw materials, markets, areas for investment, areas for surplus settlements and the need of cheap labour.

Monopoly capitalism (imperialism/colonialism) 

The highest level in the development of capitalism that based on the control of overseas provinces/areas. It developed between 1870s and 1960s. Monopoly capitalism characterized by the following features:

i.             Concentration and centralization of capital – put capital in hands of few people to maximize profit.

ii.            Emergence/development of banks – profit was accumulated through banking system.

iii.          Export of capital – the capitalist exported capital instead of products.

iv.          The formation of international monopolistic companies – such companies included GEACO, IBEACO and BSACO which divided the world among themselves.

v.           Division of the world among the great capitalist powers – the world was divided and archived through the partitioning of Africa.