2. Portugal and Spain Prince Henry the Navigator(Portugal) sent explorers East Portugal starts slave trade in Africa Ferdinand and Isabella (Spain) sent explorers West Pope’s involvement

3. Portugal led the way Original exploration for gold After discovery of New World – slaves European powers started colonizing Africa Dutch (The Netherlands) settled in South Africa – Known as Boers believed they were chosen and could do with others whatever they wanted – led to black/white separation in South Africa

4. Exploration in Asia Portugeuse built trading empire through outposts Dutch eventually started trading Dutch East India Company – 1602 – Could build armies, wage war, govern, tax, etc.

5. China/Japan/Korea Chinese Empires (Ming/Manchu/Qing) Restricted foreign trade Korea – Killed or Captured European traders – (“Hermit” Kingdom) Japan – Isolated itself from 17 th century onwards

6. North America European Powers split up North America – France – Canada – England – 13 colonies – Spain – Mexico/Texas/Florida/California Slave Trade expands

7. Commercial Revolution Prices rose – created inflation Capitalism – privately-owned businesses Entrepreneurs – individuals taking risks for a company Mercantilism – Export more than import

8. Mercantilism Theory of Mercantilism A country should try to get and keep as much bullion, or gold and silver, as possible. To achieve this, a country’s balance of trade, or the difference between imports and exports, should show more exports than imports.