‘Drain of Wealth’ and ‘Economic Nationalism’ in Colonial India (1858-1914)

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Dr.Babulal Bala

Associate Professor
Department of History
Raiganj University
Uttar-Dinajpur, West Bengal,India

Email: babulalbala@gmail.com

Abstract:Abstract:In the period under review Indian trade and industry were strictly under the British control.The British looked to their own interests. As a result of the colonial economy pursued by the English, Indian foreign trade increased in volume. But it was of no real benefit to India. It was the foreign traders who controlled the trade. India was reduced to an open market of foreign consumers’ goods and producer of raw materials for factories in England. India lost foreign market for her own products. Her handicrafts were destroyed. Unemployed artisans and craftsmen turned to agriculture for their living. They now depended upon their family agricultural land. But that was too small to provide all. Not only that during the period of our study (1858-1914) as manufactures were crippled, agriculture overtaxed and revenues were remitted out of the country which led India to the suffering from permanent poverty and recurring famines. In that case the term ‘economic nationalism’ was raised by the nationalists in India who took critical positions with regard to the economic policies of the British regime in India, and suggested alleviative measures in the interests of the Indian people.
Key Words:Development, Internalization Judgement, Kohlberg, Moral, Morality, Values.