2.2
The expansion of European commerce accelerated the growth of a worldwide economic network.
Early modern Europe developed a market economy that provided the foundation for its global role.
Labor and trade in commodities were increasingly freed from traditional restrictions imposed by governments and corporate entities.
The Agricultural Revolution raised productivity and increased the supply of food and other agricultural products. The putting-out system or cottage industry expanded as increasing numbers of laborers in homes or workshops produced for markets through merchant intermediaries or workshop owners. The development of the market economy led to new financial practices and institutions.
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The European-dominated worldwide economic network contributed to the agricultural, industrial, and consumer revolutions in Europe.
European states followed mercantilist policies by exploiting colonies in the New World and elsewhere.
Foreign lands provided raw materials, finished goods, laborers, and markets for the commercial and industrial enterprises in Europe. Overseas products and influences contributed to the development of a consumer culture in Europe.
The importation and transplantation of agricultural products from the Americas contributed to an increase in the food supply in Europe. The transatlantic slave-labor system expanded in the 17th and 18th centuries as demand for New World products increased.
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Commercial rivalries influenced diplomacy and warfare among European states in the early modern era.
Portuguese, Dutch, French, and British rivalries in Asia culminated in British domination in India and Dutch control of the East Indies.
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