The discovery of America and that of the passage to the East Indies by the Cape of Good Hope, are the two (2) greatest events re
corded in the history of [human] kind" – Adam Smith, in The Wealth of Nations,1776. Think about why he and many other notables supports this statement, especially concerning the discovery of America. What was so important about this New World across the Atlantic Ocean from Europe?How did it change globalization in terms of trade, culture, societies, innovations, old and new world exchanges, and in other ways?
Throughout the three centuries following the discovery of America and the passage to the East Indies by the Cape of Good Hope, there was a remarkable development of intercontinental trade, which led to intercontinental specialization and a global division of labor, the foundations of globalization.
Explanation:
While western Europe gained vital raw materials to speed its industrialization, found expanded markets for its industrial products, and developed high living standards, the peripherical countries were forced into primary production and low-income levels, supplying raw materials and labor in return for European products.
