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However, the other factors that occurred at home which reformed he world of money can be considered as the more significant factor as it aided the scale at which both companies were able to grow. The other various factors that occurred amongst the home front had a huge impact in the development of the British Empire, possibly acting as the most significant. Although having been present before, trading companies really thrived during this period.
This was due to a series of revolutionary changes, most notably the change from the medieval regulated trading concerns system to the ‘joint stock’. This now meant that instead of investors pooling heir earnings into one single ship’s voyage, they would be investing money in a whole company. This resulted in lower risk investments and due to the notion that smaller investments could be made; more of the population possessed the means to be able to do so, increasing the company’s finances which subsequently improved the governments.
Also the development of factors who were the men in charge of the actual trade with the native population became the beginning of permanent European bases overseas whilst factories became the hub of local trade, spreading European influence in native society and economy (as Wilderness’s theory states). Also, as London was beginning to become a major trading port it began relying on raw materials from overseas trade. For example by 1 720, 15% of all national import came from India alone. And so with this alarming dependency comes a natural conviction that this supply must be protected.
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This is significant because one way to protect something is to have control over it, and so it seemed like an almost convenient logic for the British to start thinking about gaining imperial power. These factors are the most significant in the development of the British Empire through trade and commerce. This is cause if it weren’t for the ‘joint-stock’ System, both companies may not have had the means to be as successful as they were which would have dimmed a development of Empire. Also, the dependency they acquired on foreign materials was one of the main benefactors in their want for imperial control.
However, it can be argued that this reliance was caused by the successes of the trade companies such as the ICE and without these, there would be no dependency and so no need for hegemony. The East India Company is a definite factor in the development of the British Empire through trade and commerce. Starting off with simply the intention to read comfortably with the promisingly lucrative East, through its various successes the East India Company did prove to be the starting foundations of English colonialism in India.
After a long termed desire to establish a trade with the east, the East India Company was finally developed and launched with an official charter in 1600. As hoped, right from the very start, the company was seeing extremely healthy profits. This then encouraged a 1 609 charter which gave the company permanent rights whilst a further charter in 1670 meant that the company could actually make its own laws with an army ND the ability to print money. Both of these events contributed to the development of the British Empire as they became the first signs Of actions which imitated the actions that may be expected of a colonial state.
Another subtle indication of the company’s intended permanency came through the building of Fort William. However, possibly the most evident way in which the ICE aided the British Empire came in their seek to be granted firm. Firm was mainly needed so that the ICE would have the rights to set up permanent trading bases and factories, both of which would have been essential for effective trade. This meant that through negotiations, they became drawn into local power networks, which politically strengthened their position in India.
Also, the prospect of trading bases would definitely intensify the sense of European permanence in the East. After a few violent naval battles with the Dutch, the Moguls saw the British as superior and decided to grant them the firm they so desired. This had a couple significant effects. Firstly, it displayed a certain importance of military’, but rather naval superiority in getting what is wanted. This was to become a huge factor in the actual placement and sustain of the British Empire.
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Contribute to the Development of the British Empire. (2018, Apr 18). Retrieved from https://phdessay.com/contribute-to-the-development-of-the-british-empire/
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