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5.2 The Rise of Global Markets

7 min readdecember 22, 2022

Jillian Holbrook

Jillian Holbrook

Jillian Holbrook

Jillian Holbrook

Contextualizing the Growth of Global Market Economies

Once contact with the Americas was open, the , , , and increasingly invested in the , which refers to the competition among European powers to establish and expand overseas trade, new markets for manufactured goods, and colonial empires. Driven by a combination of economic, political, and cultural factors, the caused significant impacts on the economies and societies of Europe and the rest of the world.

By the 18th century, the expansion of European commerce resulted in the accelerated development of a worldwide economic network with controlled trade routes and sources of raw materials, including spices, sugar, and tobacco. 

Europe built off of the  and its , , and , characterized by an increase in trade and commerce, the founding of financial institutions, and the development of new forms of business organizations through the 

As the market economy emerged based on the principles of , the interaction of buyers and sellers in the marketplace determined prices. The development of infrastructures, such as roads, ports, and transportation systems, facilitated the exchange of goods and services between different regions and countries seeking to maximize profits through more free trade and labor, which supported the advancement of global markets.

At this time, wealth was measured by how much gold or silver a country had physically on hand. So states began to practice  with a philosophy of emphasis on maximizing imports and limiting exports. Mercantilist policies drove states to find new resources and new markets. Raw materials, laborers, and markets abroad fueled European enterprises.

Population Growth Production Growth

Through the , stabilized. Food supplies expanded due to better transportation and farming methods, such as irrigation systems. Disease control limited plagues and epidemics. Europe’s growth in population directly translated to economic and agricultural productivity.

contributed to the rise of global markets by increasing the demand for goods and services. As European populations grew, more consumers needed to be supplied with food, essentials, and luxury products, which helped drive the expansion of global markets through increased production capacity, trade, and economic growth.

Additionally, provided a larger pool of labor. More people became available to work, leading to the production of more goods and services through an expanded labor force.

Therefore, due to security and overseas products, Europe developed a consumer culture with new consumers to drive production growth.

Transatlantic Slave Trade

The was a complex and lucrative business that involved the forced transportation of millions of Africans across the Atlantic Ocean to the Americas. Fueled by the demand for cheap labor in the New World, a network of European and and middlemen who profited from the sale and exploitation of supported the trade. The governments of European powers passed laws and regulations to support the and protect the interests of slave traders.

As the exchange linked Europe, Africa, and the Americas, it helped fuel a system of global trade that impacted the development of the . Here is a breakdown of how it worked:

  1. European powers used for free labor on , producing a wide range of commodities, including sugar, tobacco, cotton, and other agricultural products. These products were then exported to Europe and other parts of the world, helping to stimulate and create a more interconnected global economy.
  2. Merchants and European powers traded a wide range of products, including guns, textiles, and other manufactured goods, for with African rulers and merchants. Different regions between Africa, the Americas, and Europe had different populations of consumers, which presented new markets for products and services.
  3. used the to fund the expansion of their empires and the development of their economies. The exchange fostered the growth of European banks, insurance companies, and other financial institutions that supported the trade of and facilitated the movement of capital between Europe and the rest of the world.
  4. Using the profits from the slave trade, European powers funded the further expansion of their empires and the development of global trade networks. 

Commercial and Price Revolutions

The worldwide transformation into a trade-based economy using gold and silver, known as the , had four main causes:

  1. Development of European colonies overseas
  2. Opening of new trade routes over the Atlantic and Pacific
  3. , which increased demand for goods
  4. caused by increased mining

As a result of increased trade and mining from globalized markets, prices soared across the board. This , referred to as the , arose due to an influx of precious metals from the New World, , and changes in the monetary system. Prices for goods and services led to economic hardships as the elevated cost of food staples like bread caused widespread hunger.

However, the also contributed to the development of new industries, such as banking and insurance, and spurred technological innovation as people searched for ways to increase productivity and reduce costs.

Innovations in Finance

To keep up with the new global demand, European powers formed . These minimized personal risk as investors pooled money into ventures. It was like an early form of crowdfunding! Rather than one investor risking everything, many investors could split the risk, thereby increasing the number of new businesses.

Several benefits to using joint stock companies are:

  1. Access to capital rose and allowed businesses to finance expansion, development, and larger ventures through selling shares of stock to investors.
  2. Limited liability for individual shareholders reduced investment risk, meaning that shareholders were only responsible for the amount of money they personally invested rather than potential debt or obligations to the company.
  3. Shares of stock in a joint stock company could be bought and sold on the open market, making it easier for businesses to transfer ownership or raise capital.
  4. Joint stock companies could attract and retain talented employees by offering them a share of the company's profits through stock options or other forms of equity.

The two primary were the  and the  East India Company. The East India Company was a British joint-stock company founded in 1600 to trade with India and the East Indies and established a network of trading posts and forts throughout Asia to become a predominant force in the global trade of goods such as tea, spices, and textiles. Meanwhile, the East India Company, also known as the Vereenigde Oostindische Compagnie (VOC), was a joint-stock company founded in 1602 to trade with the East Indies. It was the equivalent of the East India Company and created competition in the spice, tea, and textile trades. 

However, not all European nations got on board with . Because Spain and Portugal had more government funding as opposed to private investment, these powers did not rely on .

Commercial Rivalry and Maritime Influence

https://firebasestorage.googleapis.com/v0/b/fiveable-92889.appspot.com/o/images%2Fgiphy.webp?alt=media&token=74c836d9-744f-4ded-b8be-1538d8e41842

Courtesy of Giphy

The European powers were all about profits. Their influenced diplomacy and warfare between states.

As European powers competed for control over trade routes and territories, often led to diplomatic tensions and conflicts. European powers formed alliances and made treaties with one another to secure access to markets and resources, and they also engaged in trade wars and other forms of economic competition. In some cases, these led to outright warfare, as European powers sought to protect their economic interests and gain an advantage over their rivals.

influenced the way European powers interacted with non-European states and societies. European powers often used their economic and military power to extract concessions and favorable trade terms from other states and societies, and they sometimes used force to impose their will on these states. In this way, among European states played a significant role in shaping the global order and the relationships between European and non-European states in the early modern era.

Particularly, the rise of global markets created among European states as the different European powers were driven to use their naval and military power to protect their trade routes and assert control over key ports and territories. They also engaged in trade wars and other forms of economic competition in order to gain an advantage over their rivals. In part due to the expansion of international trade and competing in maritime economies, Great Britain owned the largest navy in Europe by 1800.

The rise of global markets also led to the growth of maritime industries, such as shipbuilding and shipping, which were vital to the expansion of international trade. European powers invested heavily in their naval and merchant fleets in order to facilitate trade and assert control over trade routes, and this led to the development of complex and competitive maritime economies.

led to the British assuming control of India and the gaining control of the East Indies. Britain took control of India through a series of military and economic interventions after the East India Company asserted control over the region through its network of trading posts and forts. In a similar imperial fashion, the Republic took control of the East Indies, the modern-day region of Indonesia, through the influence of the East India Company. Both Britain and the Republic were able to take control of India and the East Indies through a combination of military and economic intervention, as they used their naval and military power to protect their economic interests and assert control over trade routes and territories.

🎥 Watch: AP Europe - French Revolution

Key Terms to Review (36)

African Merchants

: African merchants were key figures in the trans-Saharan and Indian Ocean trade networks, dealing in goods such as gold, ivory, slaves, and spices. They played a significant role in the economic development of Africa during the Middle Ages.

Agricultural Revolution

: The Agricultural Revolution refers to the significant changes in farming practices that occurred during the 18th and early 19th centuries in Europe. These changes, which included crop rotation and selective breeding of livestock, led to a massive increase in food production.

British East India Company

: The British East India Company was an English company formed for the exploitation of trade with East and Southeast Asia and India, incorporated by royal charter on December 31, 1600.

Colonialism

: Colonialism is the policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.

Commercial Revolution

: The Commercial Revolution refers to the period of European economic expansion, colonialism, and mercantilism which lasted from approximately the late 13th century until the early 18th century. It was characterized by an increase in trade, exploration, and wealth accumulation.

Commercial Revolution Causes

: The Commercial Revolution was a period of European economic expansion during the late Middle Ages through the 18th century. Its causes include technological advancements, exploration, colonization, population growth etc.

Commercial Rivalries

: Commercial rivalries refer to competition between countries or companies for dominance in trade or commerce.

Commodities Production

: Commodities production refers to creating goods that are fundamental to society and have a set value in the market. These can be agricultural products like wheat or corn, mined materials like gold or silver, or energy sources like oil.

Dutch

: Pertaining to the Netherlands or its people or culture.

Dutch East India Company (VOC)

: The Dutch East India Company, also known as VOC, was a powerful company established by the Netherlands in 1602 to carry out colonial activities in Asia. It was the first multinational corporation and operated on a global scale.

East Indies under Dutch Control

: This refers to the period from 1602-1949 when Netherlands controlled parts of Southeast Asia, including what is now Indonesia.

Economic Expansion

: Economic expansion refers to a period of economic growth, marked by an increase in production and employment which leads to higher incomes and improved standards of living.

English

: Referring to the people, culture, and language originating from England.

Enslaved Africans

: Enslaved Africans were individuals captured in various regions of Africa who were forcibly taken into slavery by European traders and transported primarily via the transatlantic slave trade routes.

European Merchants

: European merchants were business people from various European countries who engaged in trade during the 15th to 19th centuries, including participating in the Transatlantic Slave Trade.

Financial Institutions in Europe

: These are establishments that provide financial services, such as banks, insurance companies, and stock exchanges. In European history, they played a crucial role in the development of capitalism.

French

: In this context, "French" refers to France's role in global exploration, colonization, and trade from the 16th through the 20th centuries. This includes its establishment of colonies in North America (New France), Africa, and Asia.

Global Market Economy

: A global market economy is an economic system in which goods and services are traded freely across international borders, driven by supply and demand.

Global Trade Race

: The Global Trade Race refers to the competition between European powers during the Age of Exploration (15th-17th centuries) to establish and control trade routes and colonies around the world, particularly in Asia, Africa, and the Americas.

Great Britain Navy

: The Great Britain Navy (also known as Royal Navy) is the naval warfare service branch of the British Armed Forces. Historically it played a key role in establishing Britain as a dominant world power during the 18th-20th centuries.

India under British Control

: This refers to the period from 1858-1947 when Britain ruled over India as part of its empire.

Inflation

: Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Infrastructure Development

: Infrastructure development involves building and improving physical systems such as roads, bridges, power supplies, and schools that are necessary for a society to function effectively.

Joint-Stock Companies

: A joint-stock company is a business entity where different stocks can be bought and owned by shareholders. Each shareholder owns company stock in proportion to their ownership stakes.

Maritime Competition

: Maritime competition refers to the rivalry between nations for superiority in seafaring, exploration, trade, and naval power. It was a significant factor in European history as countries competed for control over sea routes and colonies.

Mercantilism

: Mercantilism is an economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism.

Mercantilist Policies

: Mercantilism is an economic theory that advocates for a positive balance of trade, where exports exceed imports. It encourages government regulation of the economy to achieve this goal.

Plantations and Mines

: Plantations are large agricultural estates typically found in tropical or subtropical climates where cash crops like sugar cane or cotton are grown on a large scale. Mines refer to excavated areas where minerals or other geological materials are extracted from the earth.

Population Growth

: Population growth refers to the increase in the number of individuals in a population. It can be measured as the change in population over time, often due to factors such as birth rate, death rate, and migration.

Price Revolution

: The Price Revolution refers to the period in European history when inflation rose rapidly over a long period, and money devalued. This occurred from the late 15th century to the first half of the 17th century.

Shipbuilding Industry

: The shipbuilding industry involves constructing ships and other floating vessels. In European history, it played an essential role in exploration, trade, and military power.

Shipping Industry

: The shipping industry refers to the global business of transporting goods and people via waterways. It includes activities such as shipbuilding, navigation, ports, and logistics.

Spain and Portugal Government Funding

: During the Age of Exploration (15th-17th centuries), Spain and Portugal's governments funded many exploratory voyages to discover new lands and establish colonies for economic gain.

Spanish

: In this context, "Spanish" refers to Spain's role in global exploration, colonization, and trade from roughly 1492 through 1898. This includes its establishment of vast colonial empires in places like South America and Philippines.

Supply and Demand

: Supply and demand is an economic model that determines price levels in a market based on the availability of a product (supply) and the desire for that product (demand).

Transatlantic Slave Trade

: The Transatlantic Slave Trade was a mass human trafficking system where approximately 12-15 million Africans were forcibly transported to the Americas and the Caribbean from the 16th to the 19th centuries.

5.2 The Rise of Global Markets

7 min readdecember 22, 2022

Jillian Holbrook

Jillian Holbrook

Jillian Holbrook

Jillian Holbrook

Contextualizing the Growth of Global Market Economies

Once contact with the Americas was open, the , , , and increasingly invested in the , which refers to the competition among European powers to establish and expand overseas trade, new markets for manufactured goods, and colonial empires. Driven by a combination of economic, political, and cultural factors, the caused significant impacts on the economies and societies of Europe and the rest of the world.

By the 18th century, the expansion of European commerce resulted in the accelerated development of a worldwide economic network with controlled trade routes and sources of raw materials, including spices, sugar, and tobacco. 

Europe built off of the  and its , , and , characterized by an increase in trade and commerce, the founding of financial institutions, and the development of new forms of business organizations through the 

As the market economy emerged based on the principles of , the interaction of buyers and sellers in the marketplace determined prices. The development of infrastructures, such as roads, ports, and transportation systems, facilitated the exchange of goods and services between different regions and countries seeking to maximize profits through more free trade and labor, which supported the advancement of global markets.

At this time, wealth was measured by how much gold or silver a country had physically on hand. So states began to practice  with a philosophy of emphasis on maximizing imports and limiting exports. Mercantilist policies drove states to find new resources and new markets. Raw materials, laborers, and markets abroad fueled European enterprises.

Population Growth Production Growth

Through the , stabilized. Food supplies expanded due to better transportation and farming methods, such as irrigation systems. Disease control limited plagues and epidemics. Europe’s growth in population directly translated to economic and agricultural productivity.

contributed to the rise of global markets by increasing the demand for goods and services. As European populations grew, more consumers needed to be supplied with food, essentials, and luxury products, which helped drive the expansion of global markets through increased production capacity, trade, and economic growth.

Additionally, provided a larger pool of labor. More people became available to work, leading to the production of more goods and services through an expanded labor force.

Therefore, due to security and overseas products, Europe developed a consumer culture with new consumers to drive production growth.

Transatlantic Slave Trade

The was a complex and lucrative business that involved the forced transportation of millions of Africans across the Atlantic Ocean to the Americas. Fueled by the demand for cheap labor in the New World, a network of European and and middlemen who profited from the sale and exploitation of supported the trade. The governments of European powers passed laws and regulations to support the and protect the interests of slave traders.

As the exchange linked Europe, Africa, and the Americas, it helped fuel a system of global trade that impacted the development of the . Here is a breakdown of how it worked:

  1. European powers used for free labor on , producing a wide range of commodities, including sugar, tobacco, cotton, and other agricultural products. These products were then exported to Europe and other parts of the world, helping to stimulate and create a more interconnected global economy.
  2. Merchants and European powers traded a wide range of products, including guns, textiles, and other manufactured goods, for with African rulers and merchants. Different regions between Africa, the Americas, and Europe had different populations of consumers, which presented new markets for products and services.
  3. used the to fund the expansion of their empires and the development of their economies. The exchange fostered the growth of European banks, insurance companies, and other financial institutions that supported the trade of and facilitated the movement of capital between Europe and the rest of the world.
  4. Using the profits from the slave trade, European powers funded the further expansion of their empires and the development of global trade networks. 

Commercial and Price Revolutions

The worldwide transformation into a trade-based economy using gold and silver, known as the , had four main causes:

  1. Development of European colonies overseas
  2. Opening of new trade routes over the Atlantic and Pacific
  3. , which increased demand for goods
  4. caused by increased mining

As a result of increased trade and mining from globalized markets, prices soared across the board. This , referred to as the , arose due to an influx of precious metals from the New World, , and changes in the monetary system. Prices for goods and services led to economic hardships as the elevated cost of food staples like bread caused widespread hunger.

However, the also contributed to the development of new industries, such as banking and insurance, and spurred technological innovation as people searched for ways to increase productivity and reduce costs.

Innovations in Finance

To keep up with the new global demand, European powers formed . These minimized personal risk as investors pooled money into ventures. It was like an early form of crowdfunding! Rather than one investor risking everything, many investors could split the risk, thereby increasing the number of new businesses.

Several benefits to using joint stock companies are:

  1. Access to capital rose and allowed businesses to finance expansion, development, and larger ventures through selling shares of stock to investors.
  2. Limited liability for individual shareholders reduced investment risk, meaning that shareholders were only responsible for the amount of money they personally invested rather than potential debt or obligations to the company.
  3. Shares of stock in a joint stock company could be bought and sold on the open market, making it easier for businesses to transfer ownership or raise capital.
  4. Joint stock companies could attract and retain talented employees by offering them a share of the company's profits through stock options or other forms of equity.

The two primary were the  and the  East India Company. The East India Company was a British joint-stock company founded in 1600 to trade with India and the East Indies and established a network of trading posts and forts throughout Asia to become a predominant force in the global trade of goods such as tea, spices, and textiles. Meanwhile, the East India Company, also known as the Vereenigde Oostindische Compagnie (VOC), was a joint-stock company founded in 1602 to trade with the East Indies. It was the equivalent of the East India Company and created competition in the spice, tea, and textile trades. 

However, not all European nations got on board with . Because Spain and Portugal had more government funding as opposed to private investment, these powers did not rely on .

Commercial Rivalry and Maritime Influence

https://firebasestorage.googleapis.com/v0/b/fiveable-92889.appspot.com/o/images%2Fgiphy.webp?alt=media&token=74c836d9-744f-4ded-b8be-1538d8e41842

Courtesy of Giphy

The European powers were all about profits. Their influenced diplomacy and warfare between states.

As European powers competed for control over trade routes and territories, often led to diplomatic tensions and conflicts. European powers formed alliances and made treaties with one another to secure access to markets and resources, and they also engaged in trade wars and other forms of economic competition. In some cases, these led to outright warfare, as European powers sought to protect their economic interests and gain an advantage over their rivals.

influenced the way European powers interacted with non-European states and societies. European powers often used their economic and military power to extract concessions and favorable trade terms from other states and societies, and they sometimes used force to impose their will on these states. In this way, among European states played a significant role in shaping the global order and the relationships between European and non-European states in the early modern era.

Particularly, the rise of global markets created among European states as the different European powers were driven to use their naval and military power to protect their trade routes and assert control over key ports and territories. They also engaged in trade wars and other forms of economic competition in order to gain an advantage over their rivals. In part due to the expansion of international trade and competing in maritime economies, Great Britain owned the largest navy in Europe by 1800.

The rise of global markets also led to the growth of maritime industries, such as shipbuilding and shipping, which were vital to the expansion of international trade. European powers invested heavily in their naval and merchant fleets in order to facilitate trade and assert control over trade routes, and this led to the development of complex and competitive maritime economies.

led to the British assuming control of India and the gaining control of the East Indies. Britain took control of India through a series of military and economic interventions after the East India Company asserted control over the region through its network of trading posts and forts. In a similar imperial fashion, the Republic took control of the East Indies, the modern-day region of Indonesia, through the influence of the East India Company. Both Britain and the Republic were able to take control of India and the East Indies through a combination of military and economic intervention, as they used their naval and military power to protect their economic interests and assert control over trade routes and territories.

🎥 Watch: AP Europe - French Revolution

Key Terms to Review (36)

African Merchants

: African merchants were key figures in the trans-Saharan and Indian Ocean trade networks, dealing in goods such as gold, ivory, slaves, and spices. They played a significant role in the economic development of Africa during the Middle Ages.

Agricultural Revolution

: The Agricultural Revolution refers to the significant changes in farming practices that occurred during the 18th and early 19th centuries in Europe. These changes, which included crop rotation and selective breeding of livestock, led to a massive increase in food production.

British East India Company

: The British East India Company was an English company formed for the exploitation of trade with East and Southeast Asia and India, incorporated by royal charter on December 31, 1600.

Colonialism

: Colonialism is the policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.

Commercial Revolution

: The Commercial Revolution refers to the period of European economic expansion, colonialism, and mercantilism which lasted from approximately the late 13th century until the early 18th century. It was characterized by an increase in trade, exploration, and wealth accumulation.

Commercial Revolution Causes

: The Commercial Revolution was a period of European economic expansion during the late Middle Ages through the 18th century. Its causes include technological advancements, exploration, colonization, population growth etc.

Commercial Rivalries

: Commercial rivalries refer to competition between countries or companies for dominance in trade or commerce.

Commodities Production

: Commodities production refers to creating goods that are fundamental to society and have a set value in the market. These can be agricultural products like wheat or corn, mined materials like gold or silver, or energy sources like oil.

Dutch

: Pertaining to the Netherlands or its people or culture.

Dutch East India Company (VOC)

: The Dutch East India Company, also known as VOC, was a powerful company established by the Netherlands in 1602 to carry out colonial activities in Asia. It was the first multinational corporation and operated on a global scale.

East Indies under Dutch Control

: This refers to the period from 1602-1949 when Netherlands controlled parts of Southeast Asia, including what is now Indonesia.

Economic Expansion

: Economic expansion refers to a period of economic growth, marked by an increase in production and employment which leads to higher incomes and improved standards of living.

English

: Referring to the people, culture, and language originating from England.

Enslaved Africans

: Enslaved Africans were individuals captured in various regions of Africa who were forcibly taken into slavery by European traders and transported primarily via the transatlantic slave trade routes.

European Merchants

: European merchants were business people from various European countries who engaged in trade during the 15th to 19th centuries, including participating in the Transatlantic Slave Trade.

Financial Institutions in Europe

: These are establishments that provide financial services, such as banks, insurance companies, and stock exchanges. In European history, they played a crucial role in the development of capitalism.

French

: In this context, "French" refers to France's role in global exploration, colonization, and trade from the 16th through the 20th centuries. This includes its establishment of colonies in North America (New France), Africa, and Asia.

Global Market Economy

: A global market economy is an economic system in which goods and services are traded freely across international borders, driven by supply and demand.

Global Trade Race

: The Global Trade Race refers to the competition between European powers during the Age of Exploration (15th-17th centuries) to establish and control trade routes and colonies around the world, particularly in Asia, Africa, and the Americas.

Great Britain Navy

: The Great Britain Navy (also known as Royal Navy) is the naval warfare service branch of the British Armed Forces. Historically it played a key role in establishing Britain as a dominant world power during the 18th-20th centuries.

India under British Control

: This refers to the period from 1858-1947 when Britain ruled over India as part of its empire.

Inflation

: Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Infrastructure Development

: Infrastructure development involves building and improving physical systems such as roads, bridges, power supplies, and schools that are necessary for a society to function effectively.

Joint-Stock Companies

: A joint-stock company is a business entity where different stocks can be bought and owned by shareholders. Each shareholder owns company stock in proportion to their ownership stakes.

Maritime Competition

: Maritime competition refers to the rivalry between nations for superiority in seafaring, exploration, trade, and naval power. It was a significant factor in European history as countries competed for control over sea routes and colonies.

Mercantilism

: Mercantilism is an economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism.

Mercantilist Policies

: Mercantilism is an economic theory that advocates for a positive balance of trade, where exports exceed imports. It encourages government regulation of the economy to achieve this goal.

Plantations and Mines

: Plantations are large agricultural estates typically found in tropical or subtropical climates where cash crops like sugar cane or cotton are grown on a large scale. Mines refer to excavated areas where minerals or other geological materials are extracted from the earth.

Population Growth

: Population growth refers to the increase in the number of individuals in a population. It can be measured as the change in population over time, often due to factors such as birth rate, death rate, and migration.

Price Revolution

: The Price Revolution refers to the period in European history when inflation rose rapidly over a long period, and money devalued. This occurred from the late 15th century to the first half of the 17th century.

Shipbuilding Industry

: The shipbuilding industry involves constructing ships and other floating vessels. In European history, it played an essential role in exploration, trade, and military power.

Shipping Industry

: The shipping industry refers to the global business of transporting goods and people via waterways. It includes activities such as shipbuilding, navigation, ports, and logistics.

Spain and Portugal Government Funding

: During the Age of Exploration (15th-17th centuries), Spain and Portugal's governments funded many exploratory voyages to discover new lands and establish colonies for economic gain.

Spanish

: In this context, "Spanish" refers to Spain's role in global exploration, colonization, and trade from roughly 1492 through 1898. This includes its establishment of vast colonial empires in places like South America and Philippines.

Supply and Demand

: Supply and demand is an economic model that determines price levels in a market based on the availability of a product (supply) and the desire for that product (demand).

Transatlantic Slave Trade

: The Transatlantic Slave Trade was a mass human trafficking system where approximately 12-15 million Africans were forcibly transported to the Americas and the Caribbean from the 16th to the 19th centuries.


© 2024 Fiveable Inc. All rights reserved.

AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.


© 2024 Fiveable Inc. All rights reserved.

AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.