Notes for Impact on Europe to 1550 - IB | RevisionDojo
Impact on Europe to 1550 Notes
The Columbian Exchange was the vast, widespread transfer of plants, animals, diseases, and culture between the Old World (Afro-Eurasia) and the New World (the Americas) after Christopher Columbus's voyage to the Caribbean in 1492.
Economic Impact on Europe
The influx of precious metals (especially silver from Mexico and Potosí in Bolivia) enriched Spain, making it the wealthiest European power in the early 16th century.
This wealth caused inflation, known as the “Price Revolution,” which destabilized traditional economies and eroded the value of money across Europe.
The growth of Atlantic trade shifted economic power away from Mediterranean states (Venice, Genoa) toward Atlantic seaboard powers (Spain, Portugal, and later England and the Netherlands).
Increased trade allowed monarchs to fund wars and state-building projects, strengthening centralized authority.
Access to colonial goods (sugar, tobacco, gold, and silver) stimulated the growth of new markets and industries in Europe.
The Columbian Exchange
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What was the effect of the influx of precious metals on Spain?
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Note
The Age of Exploration was a period from the 15th to the 17th century when European powers embarked on global voyages, leading to profound economic and social changes in Europe. This era marked the beginning of globalization and the foundation of the modern world economy.
The discovery of new trade routes and territories brought immense wealth to European nations
It led to the establishment of colonial empires and the exploitation of resources from newly discovered lands
The period saw the rise of powerful maritime nations like Spain, Portugal, England, and the Netherlands
Analogy
Think of the Age of Exploration as the original 'globalization project,' where European nations became like modern multinational corporations, seeking new markets and resources worldwide.
Note
The economic impact of this era was not just about wealth accumulation but also about how it transformed European societies, economies, and power structures.
