Light

Global Trade Race

Definition

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.

Analogy

Think of it like a game of Monopoly. Each European power is a player trying to buy as many properties (colonies) as possible. The more properties they own, the more rent (resources) they can collect from other players who land on their spaces.

Related terms

Mercantilism: 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.

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

Age of Exploration: A period from the early 15th century and continuing into the early 17th century during which European ships were traveled around the world to search for new trading routes and partners.