History · Colonial Economy
UGC NET June 2014 History
'Mercantilist, Free Trade Mercantile Capitalism and Finance Imperialism are three successive phases of British colonialism.' This theory was first formulated by whom?
AKarl Marx ✓ Correct
BDadabhai Naoroji
CR.C. Dutt
DR.P. Dutt
Correct answer: (A) Karl Marx — This theory was first formulated by Karl Marx, so the answer is Karl Marx.
Explanation
★This theory was first formulated by Karl Marx, so the answer is Karl Marx.
★He saw British colonialism in India as passing through stages.
★The first was the mercantilist phase of plunder and monopoly trade.
★The second was the phase of free trade mercantile capitalism.
★The third was the phase of finance imperialism.
★This framework was later taken up by Indian writers like R.P. Dutt.
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