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he decade had its problems. It began with the financial Panic of 1873. Railroads were growing so fast that nearly 6,000 miles were being laid down every year (17,000 miles between 1871 and 1873). With so much new construction, lending was strained and overextended.
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The EIC called them 'British naval power' and 'crown troops' stationed in India. With many military advantages on their side, EIC became a powerful player in the local polity as it was involved in local disputes. The Mughals, taking stock of the British fortifying Calcutta's Fort William, attacked them.
In 1772, under Warren Hastings, the East India Company took over revenue collection directly in the Bengal Presidency (then Bengal and Bihar), establishing a Board of Revenue with offices in Calcutta and Patna, and moving the pre-existing Mughal revenue records from Murshidabad to Calcutta.
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World War Two had been extraordinarily costly for Britain and her empire, and in 1945 the country was exhausted and devastated. Aerial bombardment had destroyed many British cities, and there were major shortages of goods and labour for the rebuilding of the country.
World War II also marked the beginning of trends that took decades to fully develop, including technological disruption, global economic integration and digital communication. More broadly, the wartime home front put a premium on something that's even more crucial today: innovation.When Britain emerged victorious from the Second World War, the Labour Party under Clement Attlee came to power and created a comprehensive welfare state, with the establishment of the National Health Service giving free healthcare to all British citizens, and other reforms to benefits.
The aftermath of World War II was the beginning of a new era for all countries involved, defined by the decline of all European colonial empires and simultaneous rise of two superpowers: the Soviet Union (USSR) and the United States (US).
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