Britain lost some of its oldest colonies after the American Revolutionary War. After this loss, British leaders were interested in expanding their empire. They looked to Asia, Africa, and the Pacific to expand their colonies. Britain also increased its empire after defeating Napoleonic France. How did England's desire to expand its empire affect the global economy?

How did the opening of the Panama Canal change global trade and interaction?

The exportation of laborers and capital from old to new countries . . . adds to the joint wealth of the old and the new country . . . There needs be no hesitation in affirming that Colonization, in the present state of the world, is the best affair of business, in which the [wealth] of an old and wealthy country can engage.' - 'Principles of Political Economy' by John Stuart Mill, 1848 Based on the excerpt, what was Mill's perception of colonialism?