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
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The force of events moved very quickly upon the election of Lincoln. South Carolina acted first, calling for a convention to secede from the Union. State by state, conventions were held, and the Confederacy was formed. Within three months of Lincoln's election, seven states had seceded from the Union.
