Commerce and Trade

Olaudah Equiano

During the Commercial Revolution, global trade increased. This had the greatest impact on the economies of those countries and territories most involved in the trade. Europe sought more slaves, ivory, and gold, which began to alter traditional economic patterns in Africa. Africa also started importing manufactured goods from Europe, Asia, and the Americas, along with new plants like corn and peanuts.

During the Commercial Revolution, European maritime nations competed for overseas markets, colonies, and resources and created new economic practices like mercantilism which linked the European nations with their colonies. They created new money and banking systems. Economic practices, such as mercantilism, evolved. Mercantilism is an economic practice adopted by European colonial powers in an effort to become self-sufficient and is based on the theory that colonies existed for the benefit of the mother country. Colonial economies and governments were limited by the economic needs of the mother country. This eventually led to conflicts between the colonies and their colonial masters.