123 School Work

introduction of a modern capitalist economy to Southeast Asia

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  The economic expansion of the previously underdeveloped countries of South-east Asia, which began about the year 1880 and which has still far to go, was made possible by the introduction of a modern capitalist economy. The introduction of a modern capitalist economy would mean the introduction of foreign capital to a large extent. In some ways the economic changes of modern times improved the lot of the South-east Asian peasant. Economically, he might be earning more, might be able to acquire more consumer goods. But in other ways the new economic forces were a threat to his existence and to that of the village community. Also, native farmers were placed at the mercy of small capitalist, where they would easily fall into debts, lose their land and become a seasonal wage earner. This would mean taking them away from the village and from their traditional customs, habits and restraints. Furthermore, economic weakness and the social conservatism of the native peasantry were easily exploited by capitalist in the light of Modern capitalist economy. Western rule brought wealth, but it also brought wide contrasts in wealth widening the income gap in the South-east Asia society. Hence it would be more accurate to describe the introduction of a modern capitalist economy to Southeast Asia as a mixture of blessing and misfortune with the blessing often hiding the misfortunes...