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Economic history of Europe

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What were the characteristics of Great Britain's economic relationship with India in the 17th and 18th centuries? How would you explain their success in their competition with the Dutch?

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Solution Summary

The European economic history is analyzed. The characteristics of Great Britain's economic relationship with India in the 17th and 18th centuries are provided.

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Initially, the British traders had come to India with hopes of selling British Broadcloth, but were disappointed to find little demand for it. Instead they found several Indian-made items they could sell quite profitably in their homeland. Competing with other European traders the early British Traders were in no position to dictate terms. They had to seek concessions with a measure of humility and offer trade terms that offered at least some benefits to the local rulers and merchants. The East India Company was willing to persevere; fighting and cajoling for concessions to build trading bases.

The British made much money in India owing to their legally ...

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