INTRODUCTION
In 1492, Columbus embarked on his historic voyage, sponsored by Ferdinand and Isabella of Spain. He sought a new route to the treasures of eastern Asia. His accidental discovery of the Americas permanently changed world history. Upon realizing he’d found previously uncharted territory, his first order of business was to search for gold. Indeed, the desire for gold would drive Spain’s exploration of the Americas and inspire other European maritime powers. Their subsequent discoveries eventually doubled the world’s gold supply.
After seizing the vast wealth of the New World, Spain began to ship it home. The prevailing economic theory of the time – mercantilism – asserted that a nation’s wealth depended on a positive trade balance. Therefore, the new colonies were exploited as both sources of raw materials and as exclusive markets for the colonial power. While the European colonizers hoarded gold and silver, their colonies were forbidden to compete with the mother country or trade with other nations.
Did You Know?
A confluence of factors spurred Europeans to venture west, into the unknown…
- Constantinople, the eastern edge of the Christian world, fell to the Ottoman Empire in 1453, disrupting trade routes. Therefore, merchants needed new routes to the East.
- During the 15th and 16th centuries, Europeans developed ships capable of long-distance oceanic travel and embraced the astrolabe and magnetic compass.
- Isabella and Ferdinand’s marriage resulted in the unification of Spain. Their lofty dreams of a Catholic empire were given life by Columbus’ proposal, offering an opportunity to spread Catholicism and increase the glory and riches of Spain.
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During the 15th century, brave European seafarers ventured forth searching east and west for uncharted routes to the fabled riches of the Orient. Taking advantage of their new navigation methods and sturdier ships, Europeans bypassed the traditional but increasingly unreliable land route along the Silk Road, voyaging instead across the Atlantic, Pacific, and Indian Oceans. Once impassable obstacles transformed into thriving super-highways, allowing explorers to map and record their discoveries, resulting in a vast expansion of European world awareness. These advances led to the conquest of the newly discovered lands, primarily in search of gold, and the creation of the first global trading network. Colonization then enabled the nascent western European nation-states to rise to world dominance through military and economic advancements. By 1914, Europe controlled over 80% of the world’s land mass and had imposed the Eurasian concept of precious metals as the foremost standard for money.
