Describe why the discovery of America was one of the most important events in history , according to Adam smith .
In Wealth of Nations, economist Adam Smith foretells of the coming of globalization. In the book, he describes how Western Europe has benefited from receiving the raw materials of North America, such as its precious metals, agricultural commodities, and timber. However, to Smith, this is not enough to change the world. He then goes on to describe how the discovery of America has changed the economies in Poland and Hungary, two central European nations that did not have a direct colonization role in the New World. Smith describes how trade networks connect Western Europe with Central and Eastern Europe and how it seems that people everywhere covet goods that were in some way produced in America, such as chocolate. In order to receive these goods, people in Eastern and Central Europe have to improve their own industrial capacities in order to fully participate in the global trade. With the discovery of America, everyone who trades with the colonizers prosper. This expanding of markets was indeed world-changing.