what was the theory of individualism that emerged in the industrial centres in europe?
OR
What was meant by home charges?
Answers
a. Discovery of America with its vast land, abundant crops, minerals transformed the entire system of trade . These helped in enhancing Europe's wealth which could now establish direct contact with America. It later sent many expeditions to America .
b. Precious metals, like silver, from mines enabled Europe to finance its trade with Asia.
c. It brought about the conquest and colonisation of America.
d.Both India and China held pre eminent position in the world trade but as china restricted its overseas trade and maintained isolation, and with growing importance of America, the center of world trade shifted westwards.
e, There was huge migration of people from Europe to America. Slaves working in the plantations there, started growing cotton, sugar and other crops for European markets this again brought about a decline of trade through Indian Ocean,.
f. America thus, soon became the centre of World trade.