The Age of Exploration and colonization brought about changes in European economy from 1450-1700. Economy evolved from the small-scale bartering economy of the Middle Ages, into a full-scale global economy. Not only was economy a motive for exploration, but exploration had several economic effects such as new trade routes to Asia, mercantilism, the transatlantic slave trade, and the Commercial Revolution.
Under feudalism and manorialism, the economy in the Middle Ages consisted of local, small-scale trade that was nor organized nor extensive. However from about the year 1450 on, changes in the economy, keeping up with the times, began to change and evolve.
In the fifteenth century, Europe began to seriously trade with Asia, and the Italians controlled most of the sea routes to Asia, and therefore controlled trade. Because it was too expensive to have a middleman in the trade, one of the motivations of exploration was to find a new sea trade route to Asia, so that trade would be easier and more successful. After they found the new trade routes, the trade began to be more frequent and they made more money because they could trade to places all over the world, and not just Asia.
Because of colonization, mercantilism emerged, which was an evolution of economic principle. Mercantilism is the principle that all colonies exist for the benefit of the mother country. European countries exploited their colonies and made money off them because of the economic rules, regulations, and restrictions they placed on their imports and exports. Mercantilism changed economy, but also signified the transition from town to national units of social living, and frowned upon the conservativeness of guilds.
Because of the transatlantic slave trade, a global economy emerged. Countries began to trade with and become dependent of other countries around the world, and their was the emergence of interdependence on countries, and each country began to have expected exports.
