Final answer:
The economic effect on colonized peoples was characterized by land and resource expropriation and labor exploitation within 'plunder economies.' Culturally, colonization often led to the suppression of indigenous customs, language and religion. the lasting impacts of these practices are encompassed by postcolonialism which studies their long-term effects such as inequality and racism.
Step-by-step explanation:
An economic explanation for the effect on colonized peoples involves the imperial powers establishing 'plunder economies,' where the colonizers would expropriate land, raw materials, and exploit labor from the colonized regions. These regions were forced into growing cash crops and collecting resources like rubber, often with little to no compensation and harsh punishment for not meeting quotas. This led to a disruption of local economies, a dependency on the imperial powers, and continued struggles with poverty and underdevelopment even after independence.
A cultural explanation for the effect on colonized peoples revolves around the imposition of foreign beliefs, practices, and institutions that often marginalized or replaced indigenous cultures. This process included language suppression, religious conversion, and the installment of new social hierarchies. Colonization also brought about the spread of infectious diseases, which significantly reduced indigenous populations and weakened their societal structures. Through the lens of postcolonialism, the long-term impacts of colonization are still evident today, as the former colonies continue to grapple with the legacies of inequality, racism, and violence. This stems from the entrenched socio-economic relationships established during colonial rule, contributing to a world where the balance of wealth and power is skewed in favor of the former colonizers.