The Discovery of America

The Discovery of America.

Part 1

The discovery of the East Indies passage and the development of America are the two historical happenings that had a somewhat and significantly transformative effect on human beings. This is seen in the outcome or results of the two discoveries.

The discovery of America is of great importance because of the imperative role it played in assisting with the growth of trades and businesses. With nations like England, France, Spain, and Portugal doing business with America, trade became the most beneficial in the country. The excess products that were produced in these European nations found themselves a ready and existing industry in the US. The discovery of the East Indies, on the other hand, was immense, considering that it aided in uniting two split worlds, an essential trait that further contributed towards the development of industry and trade.

Part 2

1. Determine the three major aspects that demonstrate the Old and New World exchanges.

Three primary phases demonstrated the Old and New World exchanges. These crucial aspects have aided in the progress and the development of the economy in the whole world. These three specific aspects include;

1. The platforms and the trade routes – while the customary trade exchanges tracked the required courses that were diverse, the dialogue that took place in the New World was mainly through the strategic or systematic technological platforms.
2. Enlarging or the increase in production; the old and new market world exchange mostly encompassed the transfer of merchandise, products, and other items from one area of the world where these items were in excess to another different location or area of the world where the goods and other products were in low quantity or scarce.
3. The demand and supply acted as the third aspect; the other element that influenced the old and new world exchanges was the demand and supply of surplus goods and other produce. In these two periods, the world trade was resolute by demand with the level or rate in demand for products and goods being determined by the requests of the people across the world.
4. List the five specific groups that were affected by this event. Provide two examples for each cohort, describing how they were affected.
5. The first group was the merchants who profited from the exchanges. The merchants’ main benefit was monetary since they were in control of trading undertakings, basically buying goods and selling them from one side of the world to another.
6. The consumers. The consumers were positively affected by this exchange by simply boosting the availability of goods and services, which they got them from all corners of the world and also through the meeting of their wants.
7. Government administration also profited highly in some nations from an economic angle with financial prudence in places where old and new world exchange thrived vastly.
8. The suppliers of goods and other services in the old and new world exchanges were primary beneficiaries as it enhanced the living standards due to the increase in their income and other benefits.
9. The middlemen also had their share in benefiting from the old and new world exchanges since they acted the middlemen between the sellers and the consumers.
10. List five ways that the creation of new trade routes affected the occupations and lifestyle of the average working American in the colonies.
11. Their lifestyle improved. The lifestyle of ordinary Americans working in the colonies had a positive change since they were in a position to make more from the goods and products they worked on.
12. There was the availability of opportunities mostly in accounting and management, along with areas where trading took place.
13. The creation of new trade routes also encouraged maximum exploitation of the workforce. An increase in demand in the performance and production of goods for average Americans, in terms of hours, increased to make sure that goods and products needed in the trade market were available.
14. The new trade routes ensured entree to a better diversity of products. The new global trade routes enhanced and upgraded the way of life of an average American worker by mostly improving their access to goods and products from unique areas of the world.
15. It brought about an improvement in specialization among the workers. The creation of new trade routes heightened specialization among the average American citizens working in the colonies since it was vital in enhancing perfection in persons and aptness to work in various locations.

References

Bancroft, G. (1884). History of the United States of America: from the Discovery of the Continent (Vol. 5). D. Appleton.

Bouët, A. (2008). The expected benefits of trade liberalization for world income and development: Opening the” black box” of global trade modeling (Vol. 8). Intl Food Policy Res Inst.

Smith, A. (1937). The wealth of nations [1776].