What was the main negative impact of colonialism on economic development?

Question

Quizplus · Accepted Answer

Colonial powers created extractive political and economic institutions that were designed to extract resources from colonies without any consideration for the development of local economies. This led to the creation of economies that were highly specialized in the production of raw materials, and which were highly vulnerable to fluctuations in global commodity prices. As a result, many former colonies have struggled to develop diversified economies and have continued to experience economic underdevelopment.

What Was the Main Negative Impact of Colonialism on Economic