Question

Q. With reference to Development of Capitalism during colonial period, consider the following stages:

The correct chronological sequence of these stages in India is?

• A.
  1, 3, 2
• B.
  1, 2, 3
• C.
  2, 1, 3
• D.
  2, 3, 1

Answer 1

The correct option is D

2, 3, 1

Explanation:

First Stage is called Mercantile Capitalism (1757 to 1813): The Company exported large quantities of raw material that served as merchant capital for the British Industries in London.

Second Stage is called Industrial Capitalism (1813 to 1858): India became the chief exporter of raw materials to British industries and also served as the main market to manufacture British goods.

Third Stage is called Financial Capitalism (1858 to 1947): England reinvested their finance in all major industries like steel, jute, cement and banking.