Concession
A grant of rights, land or property by a government, local authority or other legal entity
Real World Example
During the New Imperialism era (1800-1915), concessions involved European powers obtaining special rights or territories within other countries, often through treaties or agreements, to exploit resources or establish trade. This was important as it allowed imperial powers to expand their economic and political influence without full-scale colonization. These concessions responded to the need for raw materials and new markets during the industrial revolution, often leading to tensions and conflicts. Today, the concept of concessions is still relevant as governments might grant companies rights to natural resources, like oil or minerals, which can affect local economies and environments. For example, a local community might experience changes in job opportunities or environmental impact when a company receives a concession to operate a mine nearby.
