Colonial pattern of trade
Topic: Indian Economy on the Eve of Independence · NCERT: Class 10, Ch 4 "Globalisation and the Indian Economy"
Meaning
The colonial pattern of trade is how colonies traded with their rulers. The colony exported raw materials and food and imported finished goods from the ruling country, and trade was the main link between the two. The ruling country kept the profitable work of making goods. The colony was left supplying cheap inputs and buying costly outputs.
Example
Colonial India exported raw cotton, jute and indigo to Britain. It imported cotton, silk and woollen cloth made in British factories. More than half of India's foreign trade was with Britain.
Don't confuse with
- Composition and direction of trade: these are general ideas that describe what any country trades and with whom. The colonial pattern is one particular kind of trade: raw materials go out and finished goods come in, under the colonial ruler's control.