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After World War II, colonial systems were dismantled in a process referred to as decolonization. Decolonization refers to the undoing of colonialism, or the claim of a formerly colonized people for independence and self-determination. In part, decolonization was the result of independence movements in colonized territories. In part, it was also the result of an calculated economic decision made by colonial powers. The cost of maintaining colonial empires had begun to exceed their value for the European powers.
Decolonization has had a significant impact on the economies of the newly formed states. First and foremost, newly independent African states had to develop an economic system. Moreover, even though the former colonies were now formally independent, they were still rather dependent on the West for assistance in developing economic and political structures. Thus, Western corporations still had a significant amount of control over the new states. Newly independent states borrowed money from the West in order to fund their own development, resulting in a new system of debt. For decades, this debt has been politically impossible for many countries to pay off and still exists.
Source: Boundless. “Colonialism, Decolonization, and Neo-Colonialism.” Boundless Sociology. Boundless, 21 Jul. 2015. Retrieved 06 Jan. 2016 from https://www.boundless.com/sociology/textbooks/boundless-sociology-textbook/economy-16/the-transformation-of-economic-systems-119/colonialism-decolonization-and-neo-colonialism-673-10479/
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