The process that is described is called Mercantilism.
Explanation:
Mercantilism is an economic process that was in use during the imperialist period, mostly by the European imperial powers. This economic process was based on a triangle, where the mother country takes raw materials from the colony, take them back and manufacture them, and return them and sell them on the market from where the raw materials were taken. Basically, the imperialist were taking cheap or free materials, make products of them, and sell them for higher prices to the same people from which they took the materials. The process was motivated by the industrialization.
This process was taking place on pretty much all continents, except for Antarctica, with Africa and South Asia being the most exploited in it. The Mercantilism brought in enormous amounts of wealth to the European imperialist, which in turn contributed to even further development and increase of power on the global scene. The regions that were exploited still suffer a lot because of it.
Countries that practices this economic process were:
- British Empire
- Spain
- France
- Portugal
- Netherlands
- Belgium
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