Historical and Economic Terms

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Balance of power

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A situation in which competing nations have approximately equal military power.

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Black legend

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The myth, mostly promoted by English writers, that the Spanish treated Native Americans far more harshly than other European colonizers.

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Bourgeoisie

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The social class whose members owned the means of production and whose main goal was the preservation of capital.

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British Raj

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The period from 1858 to 1947 when the British government directly ruled India through the Viceroy of India.

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Canton system

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A system that allowed Europeans to trade with China only if they worked through the Chinese guilds that enjoyed monopoly rights to the tea and silk trades.

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Capitalism

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An economic system in which private individuals and companies own the means of production, and free (unregulated) markets set the value of most goods and services based on supply and demand.

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Charter

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An official authorization to conduct a major economic activity such as the creation of a colony.

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Cultural accommodation

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The practice of integrating a culture into the dominant society without forcing it to fully integrate and adopt all the dominant culture’s components.

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Economic imperialism

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The practice of dominating a foreign country economically.

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Indirect rule

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A system in which colonial powers cooperated with Indigenous elites and allowed local leaders to exercise some authority.