Empires Effects on the Economy

Have you ever realised that there is a strong correlation between LEDC’s and colonised countries. Powerful MEDC’s are generally those countries that have had strong empires in the 19th and 20th centuries. For example Britain and France. The poorer countries (LEDC’s) are those that have been part of empires and colonised by countries such as Britain. For example Zambia was colonised by the British and its people are currently very poor, even though the county has a lot of mineral wealth. Some conquerors e.g. Britain have been kinder to their colonies by giving back things such as better healthcare as well as taking stuff away. Other conquerors e.g. Belgium haven’t been considerate to their colonies and robbed their colonies of all their wealth. But in the long term it doesn’t seem to have mattered how colonies were treated since most colonies are current day LEDC’s. You may also be under he impression that once colonised countries can still become wealthy if their country has mineral wealth, but I tell you this is generally not the case. Mineral wealth when exploited doesn’t directly and instantly boost a countries GDP, what it does is significantly increase the GDP growth rate. For example Zambia which was colonised by Britain has a lot of mineral wealth and has a high GDP growth rate, it’s growth rate is much higher than other MEDC’s, but this doesn’t make the country rich because its adding on a small GDP, whereas MEDC’s, even with a small growth rate are building on a large GDP so there overall growth is larger. (For example 10% on a GDP of 10 is 11, whereas 2% on a GDP 100 is 102. Even though the LEDC has had a higher growth rate than the MEDC it has made a smaller growth.)

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