Key Events and Concepts of the Age of Imperialism (1843–1907)
Historical Timeline: Imperialism and Industrial Change
Significant dates marking the era of New Imperialism and the Second Industrial Revolution:
- 1843: The United Kingdom begins significant expansion in India.
- 1847: France annexes Algeria.
- 1856: Bessemer process enables low-cost steel production.
- 1859: First U.S. oil drilling occurs.
- 1859: France conquers Indochina.
- 1873: Beginning of the First Great Depression of Capitalism (Long Depression).
- 1877: Queen Victoria is proclaimed Empress of India.
- 1878: Edison invents the carbon filament light bulb.
- 1879: Belgium claims the Congo.
- 1882: Egypt is incorporated into the British Empire.
- 1884: German Protectorates established in Africa; the Berlin Conference begins.
- 1885: Development of the internal combustion engine powered automobile.
- 1900: The Boxer Rebellion takes place in China.
- 1902: Inauguration of the Trans-Siberian Railway.
- 1905: Russian defeat in the Russo-Japanese War.
- 1907: Introduction of the Ford Model T.
Key Concepts and Definitions of the Era
Boxer
Popular name for members of the Chinese nationalist secret society Harmonious Fists (Yihequan). The Boxers, secretly supported by the Chinese authorities, attacked the Europeans living in China. In 1900, after the death of the German ambassador, they besieged the European embassies in Beijing, but were relieved by international military forces.
Cartel
A bringing together of businesses that do not merge but associate to agree on common supplies, processes, and prices, thus avoiding competition between them.
Colonialism
A set of actions by which a nation (the mainland) occupies and maintains political power over a foreign territory (the colony).
Berlin Conference (1884–1885)
Held in Berlin from November 15, 1884, to February 26, 1885, to resolve conflicts arising from the occupation of the African continent. It was promoted by Otto von Bismarck, who sought to ensure free trade in all colonies. The participating states agreed to present the theory of the sphere of influence, which established the order for future colonial expansion.
Industrial Overproduction Crisis
A situation characterized by a drop in prices, reduced profits, and increased unemployment because firms produce more products than they can sell. These crises are inherent to the capitalist system and occur approximately every ten years.
Holding
A financial or banking company that controls the majority of shares in various industrial and commercial enterprises. This kind of business partnership began to dominate international economic sectors.
Imperialism
The term was first widely used to describe the colonialism of the late 19th century. It basically consists of a state’s territorial expansion to dominate others and reinforce its power.
Protectorate
A territory where indigenous authorities organize the internal life of the area, while foreign and military policy is managed by the metropolis. However, because the local authorities follow the guidelines set by the metropolis, they fall in practice into total submission to the governing power with which they have agreed.
Second Industrial Revolution
A process that began in the late 19th century, during which the economy became globalized and capitalism was transformed. Economic growth and industrial development were based on new foundations: new raw materials and energy sources, a new and more focused organization of capital and labor, new business models, and markets, etc.
Taylorism (Scientific Management)
Named for the American Frederick Winslow Taylor, Taylorism corresponds to the division of various tasks in the production process. This was a new method of industrial organization whose purpose was to increase productivity and reduce the control that the worker had over production times.
Trust
A combination of companies in the same sector controlled by one or two large firms to monopolize the exploitation of a product and regulate its price.