How far did the discovery of the New world change the world economy in the period 1500-1700?
Hi, I know I have to talk about other things that may have changed the economy in this period as the question is of to what extent so other areas have to be included. I'm having trouble with finding out what other things to talk about after I talk about the discovery and what to talk about when mentioning the americas. I think it did change the economy in that period but I don't think it did throughout that period.
I was wondering if any one had any thoughts on the period part of the question too. E.g. when talking about other areas that may have transformed the world economy, how can I relate it back to the original question. I hope I've made sense. Need to know about some important trade going on in that period globally too.
The "discovery" of the Americas certainly did change the world economy. Most particularly, it created a much more globalized economy.
With the discovery of the New World, gold and silver started to pour into Spain. This made Spain a greater power than it had been. It also encouraged other countries to seek colonies, thus causing more trade between those countries and their colonies. The discovery of the New World helped lead to Magellan's voyage and the Spanish colonization of the Philippines. This, in turn, led to greater trade with Asia.
Perhaps most importantly, the discovery of the New World helped lead to the Atlantic slave trade. European countries eventually found that they "needed" African slaves in the Americas. This created the triangular trade that tied Africa, the Americas, and Europe together even more closely.
In this way, the discovery of the New World led to greater globalization of trade.