The present day economy of mass production, stock exchange and shares etc. we see around the world started in England in the second half of 18th century. It is interesting to note here that industrialisation in England started at a time when India was coming under British rule after battle of Plassey in 1757. Till this time India was world leader in economy and industry although production was hand-made. However after India lost its independence, Britishers controlled and/or closed down all hand-made industrial proucts like cotton and silk fabrics, jute, dye-stuffs, mineral and metallic products, saltpetre and oils so that British manufacturers can produce those items in England by steam powered machines in factories in mass scale. By this time England had colonialised America, Canada, South Africa, Australia and several island nations including India. These colonies were used to supply raw materials to British factories and finished products were sold in these colonies by closing down all traditional means of production. By this only British manufactures got immense wealth while artisans around the world became labourers either in factories or in agriculture. Industrial revolution got started in England not due to the inventions of modern machines but due to the greed of manufacturures to produce more and more for the world market which was under their control
Such type of economy is sustainable if only few manufacturers produce in mass scale and almost all people produce nothing. But after all countries got independence industries in public and private sectors came up eveywhere. Monopoly of few manufacturers came to an end. However economy of mass production means most people produce nothing. If most people produce nothing they will have no purchasing power. When products shall not be purchased, economy shall be stagnant. For this, colonial economy is stagnant all around the world.
Such type of economy is sustainable if only few manufacturers produce in mass scale and almost all people produce nothing. But after all countries got independence industries in public and private sectors came up eveywhere. Monopoly of few manufacturers came to an end. However economy of mass production means most people produce nothing. If most people produce nothing they will have no purchasing power. When products shall not be purchased, economy shall be stagnant. For this, colonial economy is stagnant all around the world.