The simplest way to explain the consequences of colonialism and imperialism is colonialism is a practice and imperialism is the idea driving the practice.
Step-by-step explanation:
Colonialism has changed the global economic landscape by implanting settlements on a distant area. It supported Europe for the tremendous growth on the trade. The foundations of free-market capitalism were invented during the immigrant period to handle trade.
Colonialism is the practice of acquiring complete or partial political control over another country by utilizing economically. Imperialism is a policy of expanding a country's power and influence with diplomacy or military force.
Colonialism has influenced the development by shaping the institutions of several societies. Whereas, Imperialism has a specifically economical expansion.