Would Europe have become wealthy without colonies? A retrospective analysis of the impact of the supply of goods from colonial countries on the economic strength of the EU

Abstract

The relevance of this topic is growing due to the desire of European states to clarify their place in the formation and development of the global economy. The purpose of this study was to theoretically analyse the impact of raw materials and goods from the colonies on the development of the economic sector in European countries. This study analysed a range of scientific sources and materials, and the following scientific methods were used: structural-functional and dialectical methods, synthesis, logical, and comparative analysis, and generalisation. The findings of this study proved that without colonial possessions, Europe would not have been such an influential continent as it is in the modern world. The study showed how the European Union has done a tremendous job and gained the status of a fairly developed and rich association. It was shown that for a long time Europe exploited dependent territories, which made it the most influential union. These territories include countries in Africa, Asia, Oceania, and South America. The study proved that the colonies had a special impact on the socio-economic development of not only European countries, but also other countries of the world. The colonial policy pursued by Europe influenced the development of the world economy. The study of the history of European development is ongoing, and therefore this study is of great practical importance for determining how the European economy was formed and developed