Question of the Day No.1
Read the Introduction to part IV & Chapter 16
A New World Economy
The present state of the “Modern Part” is the result of the early modern period. Major events during the period between 1450 and the early 1500’s occurred so developments resulted in the manufacture and use of several technologies. Examples of this would be the rise of empire independence of countries, the discovery of America in the 1940’s, and the industrial revolution in late 18th century Europe. Economy was being dominant mostly because of Europe’s leadership in the industrial revolution with basic inventions such as steam engine.
The first theme of these period was the introduction of Americas into the full global economic system helped intensify regional trade which is the second theme of this period and also typically forwarded biological exchange between Americas and the rest of the world which are called Columbian exchange. And parts of this biological exchange included people (Slaves). The result of this biological exchange was improving global food supplies.
The increase in interregional trade has many sides. Some as referred by scholars is a proto globalization indicating a direct link between the acceleration of now international contacts and more contemporary patterns. The variety of goods expanded, many societies became dependent on imported goods, trade routes shifted.
The Atlantic became a major artery trade. Trade within the Mediterranean became less important.
The third theme of this period is The use of gunpowder and other military assets to construct a new series of empires. Using military assets five great European cultures the Portuguese and the Spanish, the British the French and Dutch formed numerous overseas empires .These held territories include Caribbean, the Americas, various parts of Africa and Asia but new land-based empires rose