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First of all, "Africa" did not have an economy. There were numerous different societies in Africa that ranged from functional civilizations, like the Sokoto Caliphate and Ethiopian Empire, to regional empires like the Zulu Kingdom, to tribal groups like Igbo. These places all had very different types of economies and systems. Regardless, most of them were traditional economies and those that had advanced to monetary transactions still had a medieval-style economy with minimal lending and capital acquisition.
When the Imperialists came from Europe, they brought modern capitalism, industrial production, resource extraction, lending, and other key aspects of modern economies to Africa. By far the most altering was the massive scale of industrial production and consumption in a modern economy. The reason that this changed African lives is both the positive in that it allowed Africans to have many more amenities than they had previously had access to (such as additional food, easier access to building materials, easier travel to other regions) and it meant that entire tribes would be conscripted into labor for Imperialists to cultivate or process raw materials (most notoriously in the Belgian Congo where hundreds of thousands of Congolese were forced on pain of mutilation and death to harvest forest resources).
When European countries began colonizing, many believed that Africans would soon be buying European goods in great quantities. They were wrong; few Africans bought European goods. However, European businesses still needed raw materials from Africa. The major source of great wealth in Africa proved to be the continent's rich mineral resources. The Belgian Congo contained untold wealth in copper and tin. Even these riches seemed small compared with the gold and diamonds in South Africa.
First of all, "Africa" did not have an economy. There were numerous different societies in Africa that ranged from functional civilizations, like the Sokoto Caliphate and Ethiopian Empire, to regional empires like the Zulu Kingdom, to tribal groups like Igbo. These places all had very different types of economies and systems. Regardless, most of them were traditional economies and those that had advanced to monetary transactions still had a medieval-style economy with minimal lending and capital acquisition.
When the Imperialists came from Europe, they brought modern capitalism, industrial production, resource extraction, lending, and other key aspects of modern economies to Africa. By far the most altering was the massive scale of industrial production and consumption in a modern economy. The reason that this changed African lives is both the positive in that it allowed Africans to have many more amenities than they had previously had access to (such as additional food, easier access to building materials, easier travel to other regions) and it meant that entire tribes would be conscripted into labor for Imperialists to cultivate or process raw materials (most notoriously in the Belgian Congo where hundreds of thousands of Congolese were forced on pain of mutilation and death to harvest forest resources).
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What are the two basic activities undertaken in any economy?
two basic activities undertaken in an economy
How does each type of economy answer the three basic questions?
market economy
What are the 3 basic economic system models?
The 3 basic economic system models are mixed economy, command economy, and free-market economy. In a mixed economy recourse are owned publicly and privately while in a command economy resources are owned by the government.
What are the three kinds of economic systems?
Market economy,traditional economy,command economy and mixed economy
What are the 4 economic systems?
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
What are the two basic activities undertaken in any economy?
two basic activities undertaken in an economy
How does each type of economy answer the three basic questions?
market economy
What were enslaved Africans forced to do?
Enslaved Africans were forced to work in plantations, mines, and domestic settings for their owners. They endured harsh conditions, violence, and exploitation while being denied basic human rights and freedoms. Their labor contributed significantly to the economy and infrastructure of the societies that enslaved them.
The basic cash crop grown in Virginia during the early years of colonization?
tobacco
What are the 3 basic economic system models?
The 3 basic economic system models are mixed economy, command economy, and free-market economy. In a mixed economy recourse are owned publicly and privately while in a command economy resources are owned by the government.
What was the basic of the economy of new France?
Trade
What are the three kinds of economic systems?
Market economy,traditional economy,command economy and mixed economy
What are the five institutions?
The five basic institutions are family, economy, religion, education, and economy.
What are the three basic economic questions must be answered in a barter economy.?
guide the economy
What are the 4 economic systems?
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
The most basic economic system is?
command economy
what is the basic characteristic of Romania's economy?
it doesn't exist
