Why Was European Colonialism Such an Important Component of the Development

question 47

Essay

Why was European colonialism such an important component of the development of the global economic system? Why was Columbus's voyage to the New World tied to the trade network occurring in the Old World? Explain how discovery of gold and silver in the New World and colonization facilitated Europe's participation in the Old World trade network? Specifically, why is the Opium War of 1839 an important example of how the trade network changed with colonization?

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Definitions:

Loan With The Bank

An agreement where a bank lends money to a borrower, who agrees to repay it along with interest over a specified period.

Necessary Funds

Necessary funds refer to the essential money required to finance an operation, activity, or to cover expenses.

New Contract

An agreement created to establish or modify legal obligations between parties that may replace or supplement a previous contract.

Local Transport

Transportation services operating within a particular region or city, typically involving buses, trams, and local trains.