Explain the three-way trade system that developed after the British empire, took over India
After the British Empire took over India, they implemented a three-way trade system to benefit themselves economically.
The first part of the trade system involved the British importing goods and raw materials from India, such as cotton, silk, spices, tea, and indigo. These goods were highly sought after in Europe and the British made significant profits by selling them in the European market.
The second part of the trade system involved the British exporting manufactured goods to India. This included textiles, machinery, and other finished products that were not available in India. By flooding the Indian market with their manufactured goods, the British were able to establish a monopoly and eliminate competition from local Indian industries.
The third part of the trade system involved the British selling opium to China in exchange for tea, silk, and other goods. The opium trade was highly profitable for the British, but it had devastating consequences for the Chinese population as it fueled widespread addiction and social problems.
Overall, the three-way trade system implemented by the British in India greatly benefitted the British Empire economically, but it had negative consequences for the Indian and Chinese populations.