This refers to the direct control of a weaker country's economy by a stronger nation, often through colonization or military occupation.
Think of formal economic imperialism like a school bully taking over another kid's lunch. The bully directly controls what the other kid eats and when they eat it, just like how a stronger nation directly controls the weaker country's economy.
Colonialism: This is the policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.
Mercantilism: An economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism.
Neo-colonialism: The use of economic, political, cultural, or other pressures to control or influence other countries, especially former dependencies.
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