“The Capitalism which gave the European empires their apparent solidarity and permanence also hastened their downfall.” Comment. [2009, 20 Marks]
The European countries flourished, the standard of living of their people raised and the region became economically well off and powerful due to capitalism. The greed for resources was raised to an enormous extent that it led to competition among the European nations ultimately leading to two world wars. This resulted in the exhaustion of resources in the home countries as well as the colonies. Poverty, deaths due to wars and famines created anguish and revolts in colonies. The already war affected European countries unable to manage the colonies had to ultimately grant freedom to many of them. They were so war ravaged that International Bank for Reconstruction and Development was established to aid rebuilding and reconstruction of Europe.
Everything has a limit and so is capitalism. Their own greed of capitalism brought an end to the solidarity of the European nations.