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Impact of the Geographical Discoveries
The geographical discoveries had a profound impact on the economic, political and social conditions in most parts of the world. The most important among them are:
There was a tremendous improvement in the trade and industry in Europe. It began to reach beyond the Oceans.
The expansion of trade provided a stimulus to the development of ship-building industry. Larger quantities of goods had to be carried in bigger ships.
As the trade developed in large scale, joint-stock companies and banking enterprises emerged. European companies established their trade centres in Asia, Africa and Latin America.
The trading companies slowly captured political power and established their rule in their respective regions. This led to Colonialism and Imperialism.
Capitalism had grown in Europe along with the policy of Mercantilism. As a result, the colonies were exploited.
The mad rush for new colonies led to mutual rivalry among the European powers and ultimately resulted in wars.
The system of slavery was followed. The European planters in America imported Negro slaves from Africa to work in their plantations.
The geographical discoveries solved the problem of over population in Europe and many Europeans began to settle in the American continents.
The culture of Europe had spread to Asia, Africa and other parts of the world very rapidly.
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