Why was colonialism so important to European nations in the late 19th and early 20th centuries?

Colonialism was crucial for European nations in the late 19th and early 20th centuries as it provided access to vast resources, new markets for manufactured goods, and strategic military and trade positioning. The industrial revolution created a demand for raw materials, which colonies could supply, while also offering a venue for surplus goods. Additionally, colonial expansion was often seen as a measure of national prestige and power, with countries competing to build empires. This drive for expansion played a significant role in shaping global relations and conflicts during this period.