EC120 week 04, topic 3, slide 0 Voyages of discovery: Europe looks East and West Topics: Economic aspects of imperialism European expansion and imperialism Portugal Spain and the New World Rest of the World The Spice Trade Analysis and implications Spain and Portugal: onset of economic decline

Economic aspects of Imperialism Empire: a form of state rule via external domination Motives: include economic objectives, among others Opportunities: stem from unequal initial distribution of power Means: typically coercion – force on land and sea Was it worth it? Did the benefits exceed the costs? EC120 week 04, topic 3, slide 1

EC120 week 04, topic 3, slide 2 European Expansion & Imperialism Early European excursions: tentative, not sustained Overseas probing by Portugal & Spain enabled acquisition of overseas possessions Dutch & British trading empires expand in 17C & 18C European overseas colonisation, c1820 – mid-20C

European Expansion: the role of technology Technological advances in: –Ship design –Navigation –Armaments European advantage: disease resistance relative to the `New World’ EC120 week 04, topic 3, slide 3

EC120 week 04, topic 3, slide 4 Portugal Variety of motives, only partly economic Probes eastwards along the West African coast East Indies Spice trade develops from early 16th century Portuguese “Golden Age” in first half of 16th century

EC120 week 04, topic 3, slide 5 Spain and the New World 1492: Columbus voyages westwards, to the orient Instead of spices, found vulnerable populations – and treasure Early 16th century conquests of Aztec and Inca empires Reach East Asia in 16C via the “South Sea” (Pacific)

EC120 week 04, topic 3, slide 6 Rest of Europe Dutch: dominant overseas trading empire in 17C/18C Britain: initially follow a northerly route, then southwards France: also focused on northern N. America Scandinavian countries: overland, eastward via Muscovy

EC120 week 04, topic 3, slide 7 The Spice Trade Consumed in Europe from early (ancient?) times Traditional trade route from E. Indies via the Levant Little success in growing the spices outside south Asia Portuguese develop sea route, around Africa Dutch & British displace Portugal from early 17C

EC120 week 04, topic 3, slide 8 Analysis and implications Orthodox view: conquest of New World not accidental Piecemeal formation of European overseas empires Economic gain: a vast “Ghost acreage” of resources Opportunities for settlement & agricultural expansion

EC120 week 04, topic 3, slide 9 Sugar and the Slave Trade Sugar production: –Suitable climate in Caribbean and central America –But the plantation system needs gang labour Slave trade –Slaves from Africa provide much of the labour “Triangular” Atlantic economy: slaves to America; sugar to Europe; European manufactures to Africa

EC120 week 04, topic 3, slide 10 Spain and Portugal: onset of economic decline Spain: a dominant European power in 16th century –Became rich with treasure from the New World –But domestic economy tended to falter Portugal: remarkable economic power for a small country –But, like Spain, held back by weak economic institutions