economic Britain China

 

Ha-Joon Chang, Economics : the user's guide, 2014

p.42

   Colonialism was run on capitalism principles.  Symbolically, until 1858, British rule in India was actually administered by a corporation (the East India Company), not by the government.  These colonies brought new resources to Europe.  The early expansions were motivated by the quest for precious metals to use as money (gold and silver) and spices (especially black pepper).  Over time, plantations using slaves, mostly captives from Africa, were established in the new colonies ─ especially the US, Brazil and the Caribbean ─ to grow and bring back to Europe new crops such as (cane) sugar, rubber, cotton and tobacco.  Some of the New World crops were grown in Europe and beyond and became basic food items.  

p.47

At the time, Britain accounted for 20 per cent of world manufacturing output (as of 1860) and 46 per cent of world trade in manufactured goods (as of 1870), despite having only 2.5 per cent of the world population; these numbers can be put into perspective by noting that the corresponding figures for China today are 15 per cent and 14 per cent, despite its having 19 per cent of the world population. 

first published 2014

this paperback edition published 2015 

Ha-Joon Chang, Economics : the user's guide, 2014