East India Trade Co.

East India Trade Co. - East India Trade Company: British...

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East India Trade Company: British Economic Growth through Opium Trade The beginning of the East India Trade Company marked a new era in the British economy. During the 15 th century, England was stranded from trade with regions besides its immediate neighbors because of the Muslims control on surrounding territories. In hopes of profit, the English traders expanded around the Cape of Good Hope in South Africa, to reach India trading posts. The unique spices in India motivated the British; however, they were unaware that their journey would be the beginning of the infamous East India Company. With it’s monopolistic power over Indian trade with Great Britain, the EIC quickly gained wealth and prestige. The East India Companies increasing power drove them to acquire a military backing for their business. After defeating the Portuguese at the Battle of Swally in 1612, the EIC had solidified the military presence that later helped them gain control of surrounding areas (Wikipedia). The East India Company’s presence changed several of the surrounding economies. While many countries in the middle east were starved of the cheap imports they once could obtain from India, the British economy flourished because of their newfound trade alliance with India and Asia. As well, the EIC generously contributed to British war efforts, and in return, the East India Company maintained their trade rule over India and Asia. In the 16 th century, the art of preserving food wasn’t extremely advanced. There were no refrigerators or technologically advanced food additives to keep meals from going bad. Many times, food was eaten regardless of its immediate taste and preservation. This made spices a very important commodity because they transformed foods to have a more rich taste and the spices drowned out the undesirable senses. The immediate demand for scarce spices was apparent in the British market, and the EIC was ready to profit from the shortage. Before the 16
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This note was uploaded on 05/07/2008 for the course ECON 3818 taught by Professor Jessvechibany during the Spring '07 term at Colorado.

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East India Trade Co. - East India Trade Company: British...

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