What it is?
The concept of development of underdevelopment' is actually a process where several countries have made development by exploiting resources causing underdevelopment in many countries. The process started by the European nations in the early 16th century by colonizing much of world with their superior military equipments derived from the countless wars in Europe. This colonization has lasted until the very end of 20th century.
In the text book has divided world economic history in four parts namely:
Monopoly Capitalism(World War II to present)
The above periods were very important for the understanding of world economic history due to spread of colonization. At the end of 15th century there were many civilizations in the world including Aztecs and Incas in America, Sierra Leone, Benin, Zimbabwe in Africa, and India, China in Asia who were at a comparable level of economic and cultural standards with the European countries. The only advantage Europeans have was they were better equipped with military arsenals due to the fact that over the centuries Europe was always involved in wars.
Europe used its superior military power during the mercantile period to conquer and enslave much of the world then. Soon they have gained absolute control over the resources of those countries and started to transfer them in Europe. As a result economic... [continues]
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