EC120 week 04, topic 3, slide 1

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 2

EC120 week 04, topic 3, slide 3

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 4

EC120 week 04, topic 3, slide 5

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 6

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 7

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 8

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 9

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 10

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 11

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