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Age of Exploration: Focus- Commercial Innovations Discovery ► 1492 Christopher Columbus discovers the new land. His first trip is to Hispaniola and Cuba ► Amerigo Vespucci was an Italian mapmaker who claimed Columbus had discovered a “New World” & America was named in his honor Spain and Portugal ► Two biggest exploring nations ► Began fighting over land in New World ► Asked Pope to solve dispute ► The Pope divided the New World in half with a line Pope Alexander VI Pope’s Solution: Draw a Line ► West of line is Spain’s/East of line is Portugal’s The Treaty of Tordesillas (1494) ► Became obvious Spain got much more land ► Moved the line west a little. Slavery in the New World ► Triangular trade Set of trades between three points The most famous was sugar/rum/slaves ► Begins the transatlantic slave trade: African chiefs sell members of other tribes for guns & alcohol 10 –24 million Africans were brought to America 1 in 5 did not survive the journey (Called the “Middle Passage” because it was the middle leg of the triangle) Colombian Exchange ► ► ► ► many products were carried to and from the New World like: to the New World: horses, cows, wheat, rice, & oranges from the New World: corn, potatoes, tobacco, cacao (chocolate) Europeans carried unknown diseases to the native Americans which killed millions (including Small Pox) ESSENTIAL QUESTION ► What new economic institutions and innovations developed as a result of the expanding trade networks? ► ANSWER: New economic systems emerge to control and expand trade Changing Ways of Life Commercial Revolution ► new business methods for investing money, speeding the flow of wealth, & reducing risks: result of Age of Exploration ► rise of free enterprise (modern capitalism), economic system in which money is invested by individuals in business to make profits More Commercial Revolution ► ► ► people who wanted to invest in exploration combined resources in joint-stock companies, or organizations that sold stock & shared in profits & losses rise of entrepreneurs, or individuals who combined money, ideas, raw materials, & labor to make goods & services Note that Capitalism goes against some of the ideas of Mercantilism