Overview[ edit ] Through a progressive sequence of regimes the British imposed Crown Colony government on the area of West Africa which came to be known as Nigeria, a form of rule which was both autocratic and bureaucratic. After initially adopting an indirect rule approach, in the British merged the small Lagos Colony and the Southern Nigeria Protectorate into a new Colony of Southern Nigeria, and in that was combined with the Northern Nigeria Protectorate to form the Colony and Protectorate of Nigeria. The essential basis of this system was a money economy —specifically the British pound sterling —which could be demanded through taxation, paid to cooperative natives, and levied as a fine. Adam Smith wrote in that the African societies were better established and more populous than those of the Americas, thus creating a more formidable barrier to European expansion.
Austerity as ideological opportunity As prominent economist Ha Joon Chang has written many times, the UK's problems go far deeper than the cuts agenda. British debate on economic policy is getting nowhere. The coalition government keeps repeating that it has to cut spending in order to cut deficits, no matter what.
The opposition has been at pains to explain … that trying to cut deficits by cutting spending in a stagnant economy is a largely self-defeating exercise, as it reduces growth and thus tax revenue.
It is sticking to its plan A because spending cuts are not about deficits but about rolling back the welfare state. So no amount of evidence is going to change its position on cuts. Ha Joon Chang, Britain: Or maybe put another way, it has typically worked for the elite looking to maintain a system from which they benefit.
And as manufacturing shows mixed signals, luxury goods show a general healthy sign and exports of raw resources are doing better than finished manufacturing products, these all hint to growing inequality and potential growing poverty and stagnation. Or as Chang puts it, putting all this in context, since the crisis the British economy has been moving backwards in terms of its sophistication as a producer.
In the middle ofthe United Nations also warned that the problems in European were bad not just for Europe, but for the world economy too.
The policy of austerity was criticized by the UN as heading in the. The fiscal austerity programs implemented in several European countries are ineffective to help the economy emerge from crisis, it said, according to Inter Press Service.
A few are now suggesting that some European countries may be facing a lost decade or a lost youth generation. A Nobel laureate in economics, Joseph Stiglitz, writes, It will take 10 years or more to recover the losses incurred in this austerity process.
The problem is that the prescriptions imposed are leading to massive under-utilisation of these resources. Whatever Europe's problem, a response that entails waste on this scale cannot be the solution.
Given … recent [reform] changes in the IMF, it is ironic to see the European governments inflicting an old-IMF-style program on their own populations.
It is one thing to tell the citizens of some faraway country to go to hell but it is another to do the same to your own citizens, who are supposedly your ultimate sovereigns.
Indeed, the European governments are out-IMF-ing the IMF in its austerity drive so much that now the fund itself frequently issues the warning that Europe is going too far, too fast. Democracy is neutered in the process and the protests against the cuts are dismissed.
The description of the externally imposed Greek and Italian governments as technocratic is the ultimate proof of the attempt to make the radical rewriting of the social contract more acceptable by pretending that it isn't really a political change.
The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies — not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the political system through this backdoor rewriting of the social contract.
It is not because people condoned defaulting per se that they came to introduce the corporate bankruptcy law. It was because they recognized that in the long run, creditors — and the broader economy, too — are likely to benefit more from reducing the debt burdens of companies in trouble, so that they can get a fresh start, than by letting them disintegrate in a disorderly way.
It is high time that we applied the same principles to countries and introduced a sovereign bankruptcy law.
Back to top The financial crisis and the developing world For the developing world, the rise in food prices as well as the knock-on effects from the financial instability and uncertainty in industrialized nations are having a compounding effect.
High fuel costs, soaring commodity prices together with fears of global recession are worrying many developing country analysts.Colonial India, Raj.
Vasco da Gama is first European to reach India by sea Mughal Dominance begins after victory at Panipat. Q: "Throughout the colonial period, economic concerns had more to do with the settling of Br.
than did the religious concerns." Assess the validity of this statement w/ specific reference to economic and religious concerns. The global financial crisis, brewing for a while, really started to show its effects in the middle of and into Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.
"Throughout the colonial period, economic concerns had more to do with the settling of British North America than did religious concerns." According to this statement, both economic and religious reasons contributed to the founding of the thirteen colonies by the British in North America.4/4(1).
Taiwan was under Japanese rule between and in which the island of Taiwan (including the Penghu Islands) was a dependency of the Empire of Japan, after Qing China lost the First Sino-Japanese War to Japan and ceded Taiwan Province in the Treaty of urbanagricultureinitiative.com short-lived Republic of Formosa resistance movement ended to no avail when it was suppressed by Japanese troops.
The statement "Throughout the colonial period, economic concerns had more to do with the settling of Britich North America than did religious concerns" is in a way true.
The settling of British North America reflected and equal amount of economic and religious concerns.