With the exception of Austria-Hungary, new imperialism was entrenched in the policies of all the European powers. This frenzy to acquire colonies was due to the potential financial and psychological benefits that colonies provide. Financially speaking, the colonies can help European nation’s name economy by firstly providing the raw materials necessary for industrialization which were lacking in continental Europe. Secondly, after using the raw materials to produce the merchandise, the colonies provided a market where the European nations can sell their manufactured goods. Hence, new colonies can begin an exploitive cycle where the European nations take resources from their colonial subjects then profits exportation of completed goods
Dynastic period is the correct answer
The event that ultimately led to World War I was the assassination of Franz Ferdinand and this led to war across Europe.
<h3>What is World War I?</h3>
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It should be noted that World War I simply means the first world war that occured between 1914 and 1918. The event that ultimately led to World War I was the assassination of Franz Ferdinand.
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Specialization is when a nation or individual concentrates its productive efforts on producing a limited variety of goods.
