Colonialism is known as the policy which was adopted by some nations. Through this policy, a nation uses its power and extends its territories to occupy other territories through the process of colonization. The European countries became rich and powerful in the 18th and 19th century through industrialization. The countries outside Europe could grow and become weaker as they failed to industrialize. Thus, European countries tried to capture the markets of non-European countries to buy raw material and to sell their goods. Thus Colonialism also stands for acquiring political power over other countries.
Colonialism also affects economic, religious, social and cultural aspects of the colonized territories. Colonialism leads to both negative and positive impacts on the developing nations. The positive effects on colonialism led to improvement in the field of education, social standards, development and also modernization. The negative effects may include the loss of land, loss of culture and cultural values, different system of government and also disturbance in traditions and values. Thus Colonialism also leads towards imperialism.
In the last few years, the new empirical studies and literature has emerged, which explains how the historic events have importance in determining the economic development of present day. The beginning of this literature can be traced by the three subsequent studies done three decades earlier. Sokoloff & Engerman (1997, 2002) conducted the research to examine the importance of colonial rule and its effect on economic development within American colonies. In the year 2001 and 2002, Acemoglu et al. put forward the research in order to understand the historical origin of the present day institutions that lead to the long-term economic development.
This study that proved to be important in the study of the colonial rule is the research done by La Porta et al. (1997, 1998), which examines different legal institutions presented by diverse colonial nations and their continuing consequences over financial development. This essay will evaluate the influence of modernization theory and dependency theory on development of Africa. In the conclusion, the essay will inform how both the theories are unsuccessful to develop Africa and how Renaissance theory of development can become a hope for Africa.
The modernization and dependency theory, both failed to improve the development of Africa. Africa has been manipulated by giving temptation of wealth and prestige. The modernization theory lied that it will bring wealth and economic growth to the nation. All through its long history of colonization and after that, Africa has been left in a place of exploitation and dependency. Africa became the place which is open for corruption and manipulation. The dependency theory also could not provide concise solution for the development of Africa. The dependency theory resulted in poverty in the rural areas and constant robbery of human and nonhuman resources from the dependency to the metropolis.
The end of colonialism has also not been able to save Africa from the domination imperialists. The independence negotiated in Zimbabwe by the Lancaster House Agreement extended the endurance of unfair economic order. Thus continent still suffers, which could find some hope with African renaissance theory. This theory is founded keeping in mind the values and norms of Africa which are also back bone of African life.

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