What was the condition of the colonial economy in Vietnam? Explain.

OR

The 1830s were years of great economic hardship in Europe. Explain how?

Some of the conditions of colonial economy in Vietnam in the late 19^th and early 20^th century are given as follows:-

• The colonial economy in Vietnam was primarily based on rice cultivation and rubber plantations owned by the French and small Vietnamese elite.

• Rail and port facilities were set up for export of the raw materials like rice and rubber. Indentured Vietnamese labor was widely used in the rubber plantations.

• The French, contrary to what Bernard would have liked, did little to industrialize the economy. In the rural areas landlordism, spread and the standard of living declined.

OR

The following are the causes of massive economic hardship in Europe in the 1830s:-

• There was a massive increase in population all over Europe. In most countries, the rate of unemployment was very high.

• There was a migration of people from rural areas to cities which resulted in overcrowded slums.

• Imported machine-made goods especially textiles from England were relatively cheaper than local goods, which provided tough competition to the small producers in towns.

• In those regions of Europe where the aristocracy still enjoyed power, peasants were under the burden of feudal dues and obligations.

• The rise of food prices or a year of bad harvest led to widespread pauperism in town and country.